I'm on the same boat with this question. Before the M2 was announced I was thinking of getting my partner the M1 MBA with 16/512, but then the M2 MBA came out (with all the bells and whistles), and I considered getting that one.
However, I've been testing the M2 MacBook Pro and IMO it's not that much of a boost at all (I'm returning it), just seeing how warm it gets and how it throttles, despite the fact of it having active cooling, makes me think the M2 MBA is going to be a disaster (in this regard).
I was thinking of getting the M2 MBA, since it will have the new design, screen, magsafe, etc., but given how they're priced, I'm rethinking my strategy.
M1 MBA (base model with 8CPU/8GPU): 1.100€ (student price)
M2 MBA (base model): 1.400€ (idem)
M1 MBA 16/512: 1.518€ (student price)
M2 MBA 16/512: 1.841€ (idem)
So the price difference is about 300€, and yeah of course for that money you are getting all the new features, however, comparing the stock M2 MBA 8/256 (1.400€) vs. the M1 MBA 16/512 (1.518€), I'm getting double the RAM and SSD (this one being faster), for only 100€ more aprox. Yeah it's the "old design", however 16GB of RAM and 512GB of SSD will def. hold up much better in the future.
I'm currently rocking the stock M1 MBA 8/256, and the only thing I regret is not getting more RAM. Storage is something that can be easily solved with fast external SSDs, but RAM is a one-time only thing.
But wait, it gets crazier. If I want the optimum configuration (for me 16/512), with the M2 MBA, it comes to a total of 1.841€. BUT for 180€ more you have the 14" M1 Pro MacBook Pro at 2.024€ with stock 16GB of ram and 512GB SSD, active cooling, the new design, 8CPU cores and 14GPU cores. Which is more powerful than the stock 8CPU/8GPU M2.
So this puts me in a position where I either get the M1 MBA with 16GB ram and 512SSD (for 1.5k€), or just shell out 500€ more for the 14" M1Pro 16GB/512GB SSD (with more cores), fresh design, magsafe, etc., knowing it's going to perform much better than the M2 MBA (which I believe is going to throttle like crazy), and hand over to my partner my existing M1 MBA 8/256.
Once again, Apple at its finest giving us a hard time at deciding what to purchase.