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This video is really helpful if you run heavy files
I like his videos, good information. Shows that if you work on large (stitched) ~200Mp photos with masks, more RAM is beneficial.
I did some similar edits with masks on more typical unstitched photos (45Mp RAW, Nikon D850), on a 16GB base 14" MBP, and had no hesitations or beach-balling, despite about 2GB swap usage.
If, however, I converted the file to a super-resolution dng file (180Mp) and then did masking edits, it struggled a bit, and Lightroom took more than 16GB RAM, with about 5GB swap. For masking edits on these sort of file sizes I would recommend 32GB, otherwise 16GB seems to be fine.
btw, I did the same edits on my 32GB 27" 2020 iMac. Interestingly, Lightroom used roughly half the amount of RAM as it did on the 14" MBP, for the exact same edits, and with zero swap. This observation pushes one towards getting more RAM, not less, on the M1 processors, for Lightroom.
The additional RAM usage on the 14" MBP appears to be for the GPU. If I disable the GPU acceleration in Lightroom on the 14" MBP, it uses less than half the RAM, with no swap. But zooming and sliders become a little choppy.
I think if I was to buy this MBP again for a primary computer for photo-editing (which it is not, for me), I would get the base model but with 32GB RAM and 1TB or 2TB SSD.
I should point out that the Lightroom editing experience is far superior on the 27" iMac. I was able to do the edits about twice as fast - not because it processed it faster, but due to the larger screen and trackpad. Much less time wasted panning and zooming. There is no substitute for a 27" 5K screen. This should be the number one priority for anyone serious about photo editing, not RAM. Unfortunately a 5K screen is quite expensive (~$1300) when not bundled in an iMac.
EDIT: As others have pointed out, there are much more affordable 4K monitors available, which would achieve the same objective.