I used Premiere/AE on my M1 MBA when it ran through Rosetta, both for student film projects and professional projects - and it was ok, definitely not great though. Then the school got rid of student Adobe accounts after the pandemic, so I haven't been able to test the new, Apple-silicon optimized version.
What kinds of video will you be working with? If it's just 1080p (at any frame rate), the consumer MacBooks are fine (MBA, 13-inch MBP) - just upgrade to at least 16 GB of RAM!!
Even if you're working with 4K (probably up to 60 fps), the consumer laptops will be fine. I've also worked with multiple streams of 4K @ 30 fps and got smooth playback, even with some effects, but when I work with multiple streams of 4K60, it does start to slow down.
I recently edited, using Davinci Resolve (my main NLE), a 45-minute music video for a group here in town in 1080p 30fps, and it rendered in probably 15 minutes, so the rendering is also fast.
Don't waste your money on power you don't need. Just think about what kind of video you will be working with.