The jump from the 2019 to the Intel 2020 was big enough for most, this is 3.5x the 2020 Intel machine... I have a base M1 Air and it's faster than my 2020 iMac 27" in nearly every task and makes zero sound.
If you can get decent resale on your 2019, I'd do it.
Also provided there isn't anything X86 specific you need (virtualization/bootcamp).