For M1, 5K2K is not a good option due to its 3008 (6016) horizontal resolution limitation, which will make font size too big on those ultrawide screen.
It depends. I’m sitting about 3 feet from screen and using it in “looks like” 2560x1080 mode. From that distance, it is perfect for me. But that’s of course subjective, some will find fonts and user interface too big in this particular HiDPI mode, same with 3008 pixels horizontally.