Will the bigger, more powerful machine fail in your use? Very unlikely.
I have a 14" MBP with the M1 Max, my wife has an early M1 MacBook Air, so I have a pretty fair chance to see them up close. My wife is an author/writer and otherwise a media consumer. Her M1 is limited in only one practical way, which is that there is only the one USB-C port, which gets used up by her TimeMachine. Otherwise it does everything she asks of it. I'm a professional photographer, and I'm a heavy user of the upgraded CPU, GPU and vastly larger memory. There are days that I import 10,000 raw images from several cameras and have to process some significant number of them on a short deadline. Those four or five days per month, an M1 or M2 Air would just not cut the mustard, and it is a very fine thing that I have an M1 Max. However, the other 25 days a month, even I could do everything I need with the M1 Air, again aside from having the 50+TB of storage for all of those images and their backups. Of course, I do have the M1 Max for it all and of course it does everything. The screen is much nicer, although I personally don't notice so much as I do most of my work on an even nicer 27" display.
The downsides of getting the hotter machine:
- well, it's (a little) hotter. Mine's actually warmer enough to be noticeable in a fairly warm studio; as noted above, I run the CPU/GPU very hard sometimes. OTOH it is way, WAY cooler than the Intel iMac that I had previously. But the Air is basically never a contributor to the room temperature.
- it's a LOT more expensive, although as was pointed out, if your budget permits, and you want the other machine, fine.
- if you travel with the machine (I certainly do), the pound or two difference in weight doesn't seem like a big deal -- until you are dragging your butt into a yet another hotel and all this stuff just seems like too much.