Not at all, 13" MBAir or MBP M1 are great choices, speaking CPU wisely you're getting a hell out of a machine with the M1, with numbers paragonable to beefy desktop CPUs, depending on your use (which you don't specify though) you'll have your powering needs fulfilled from this point certainly. Talking GPU wisely, new machines offer better capabilities so again, depends on your needs.
I had the MBP 2020 M1 16GB/512GB for 6 months and even with my workloads (which they involve really large amounts of RAM due to VMs and compiling code) it behaved like a champion, on some circunstances I found myself short of RAM and GPU, but that's just my case and that's why I went for the 14" M1 Pro 10CPU/16GPU 32GB
So, IMHO, if you don't want to spend 1000$ more and you're ok for your uses with the base model M1, they're indeed superb machines, however, if you plan to add more RAM and SSD, given the model I had for example, w/16GB RAM and 512GB SSD, it's a bargain to get the 14" base model for 300$ more, you'll get better performance, better speakers, screen, webcam and keyboard, plus more ports and magsafe back ... ofc, the battery life isn't that great as M1, but I'd sacrifice it for a long-term machine.
Just my 2 cents, best of lucks!