It is not the same, not only about the feedback - think about how you can turn volume up/down, brightness, etc... with the function keys.
I do this by simply tapping the brightness-up or brightness-down or volume-up or volume-down hotkeys, stepping them up or down one notch per tap.
EXACTLY the same functionality as with the physical hotkeys.
Only difference is they're not physical keys so no tactile feedback (irrelevant to me), bonus though is you can easily remap them if you wish. Plus the default gives you keyboard backlight up/down controls and Launchpad, which were replaced on the M1 MBA with the far less useful (IMHO) DND, Spotlight, and Dictation keys.
Setting for this is SystemPreferences->Keyboard and changing TouchBarshows to Expanded Control Strip.