On Apple Silicon, yes -- absolutely. My brother had the 16GB M1 Air, then accidentally spilled tea on it, which broke it, and bought an 8GB M1 Air as a replacement (plus AppleCare...).
I stress tested his 8GB one out of curiosity and I couldn't make it choke. I opened an instance of Minecraft from Mojang's official launcher and entered a world (2GB RAM -- a little more in reality), opened another instance of Minecraft using MultiMC and entered the world (another 2GB+ RAM), then opened dozens and dozens of RAM-hungry Safari tabs (e.g. B*zzFeed) and all the applications in his dock -- keep in mind this is while both Minecraft instances are actually running (with the player in a world and not paused) and are 'hard-reserving' 2GB RAM each.
The thing still didn't choke. When I went back, most browser tabs were still loading from RAM. Only a small percentage were loading from swap and the difference was barely noticeable. The Minecraft instances were no longer achieving a perfect 60 FPS each, but only dropped a little (like 40-50 FPS). Everything was still very responsive.
Btw who would actually be running 2 instances of Minecraft at the same time especially on an ultraportable...? ? When I closed the MultiMC one everything was running at full speed again (locked at 60 FPS in the Mojang one, swap loading diminished, the little bit of GUI lag disappeared, etc).
Although there are some very specific situations where it probably wouldn't be able to save you if you don't have enough RAM, Apple is really working some dark magic with their unified architecture.
Also, I really don't buy the theory perpetuated by some (e.g. Linus Sebastian) that Apple will only offer like... 3 years or less of software support for the M1 models (and the 8GB in particular), or that they (again mainly the 8GB one) will majorly slow down with future updates. Now that they control the hardware, software, and SoC, Apple is in a better position than ever to ensure that these computers run well for a very long time, and they would incur a ton of negative press if they dropped support earlier than usual. Furthermore, it looks like we're going to be using 64-bit computing pretty much indefinitely, and the 8-bit to 16-bit to 32-bit to 64-bit saga was overwhelmingly the primary factor that made RAM needs continue to increase for so long (notice how it has stopped since 64-bit became the standard somewhere around 2008-2013).
Before Apple Silicon, I would always recommend 16GB as the default for any non-workstation computer, but Apple Silicon has changed that -- and the "how much RAM do you need?" consensus from the tech community at large still doesn't seem to have fully updated yet despite overwhelming evidence that 16GB is not necessary for the vast majority of people if the machine in question is running Apple Silicon. Looking at the bigger picture, Apple Silicon is all about efficiency whereas x86 machines are... not. That's the ultimate reason why the amount of RAM you need has decreased.