I'm a full time photographer (only video is usually BTS on iPhone) and I will say without a doubt 100% go with a Mac Studio if you can afford it. I fell for the "8GB unified memory is like 16 blah blah blah" and I will say for any serious workflow, it was one of the WORST experiences I have ever had. My 2014 5K iMac (maxed out) was faster and better overall in multitasking. I purchased an M! Mac mini 16gb/2tb max spec on cpu & gpu and it was a joke honestly. Done watch any of th Maxtech reviews or nonsense videos form the YouTubers that test 50 images.
I run LR classic, PS, and work with Capture one and if you plan on working with anything while keeping PS open at the same time it's a joke. The lag with retouching using D&B or even the basic heal brush with LR open in the background gave me so much lag that it wasn't realistic for doing my work because of the time it took to get through edits. It was at the point where I could have maybe 3 RAW files open in PS at any time if LR was open also. This also put it into memory issues & warnings quite often. Pair this with the performance hit with scaling with most monitors and it's a waste of money and time.
Fast forward and I traded the M1 Mini (less than a year old) for the Mac Studio and it is literally the fasted system I have used in the last 10+ years. I have pushed it to see if I can lag it out and it's been nearly impossible (again I don't do any video). One of my test was a composite I did with 37 30MP RAW files and PS worked like a dream(0 memory swap or out of memory warnings). LR did show some lag when I tried a photo merge with the same files. Import/export were amazing, using filters, presets, all very smooth. For the record I run this with a BenQ 4K monitor via TB4 and no issues. Not to mention the M1 is already old tech. I would suggest a Mac Studio with the M1 Max, 32GPU, and at least 1TB SSD since the Apple tax on storage is still a joke. You can get a 2,000 MB/s external SSD for half the upgrade cost.
I may get some hate for this but in all seriousness the M1 is NOT for heavy, multitasking, or long work loads with editing. I've been a Photographer for nearly 20 years (I know I'm old) but I've been using Macs even longer and I stay up on tech, especially if it can improve my workflow and save me time. If you want a good review of the performance of all the Apple silicon Macs in one place check out ArtIsRight on YouTube, his reviews can be long and he's a bit of a dry speaker but he gives real testing results (panorama test, imports with 1K images not 50) and gives some really great info that may help you make a choice that's best for you.
P.S
I also had the Studio display Nano texture but returned it. It was an amazing monitor but decided against nano & wanted the adjustable stand so I'm waiting for that to ship one day soon.