The only thing that would worry me is Premiere. I don’t use that, but you could probably see some reviews on that. I’ve been using FCP which was brilliant. Naturally it also dependent on what resolution you were working on (4K v 8K) and number of streams. I’ve usually only used 2 or 3 max. Photoshop works really well and is optimised nicely for M chips.I work from home mainly in O365 and quite often have Outlook, Excel, Teams all open at once for that. I do some Graphic Design so normally might have PS and Indesign open at once for that. Occasional video editing in Premiere. I currently have a 2019 iMac 5k with 16Gb/TB Fusion Drive which slows down at times but generally handles those use cases . Apps are a little slow to launch. I am hoping my upgrade will be zippy and fast.
The 1TB is the sweet spot for the stuff I want to carry around. Images, Videos and a large digital book and comic library. ( that alone is 320GB) I am leaning towards 8gb/1TB but fear anything less than 16GB Ram.
I agree with @krspkbl I’d go 16/500. Unless you need full access to your entire library, in my (potential) workflow, I’d use the TB of storage on Office 365 and only have the files I needed on the SSD. Even though you have access to all of it. That’s the way I use and store files I need access to.
It will definitely be zippy. Love new machines. It’s like buying a new car (and close to the price) 😃