Depends on what the video is for. If I'm just transcoding something temporarily so that I can watch on my Apple TV or something, I'll use the h.265 hardware encoders in the M1. But if it is for archival purposes, then the software encoders are more efficient--they produce much smaller files at the same quality at the expense of compression speed.
So quick compression for short term use: H.265 (Videotoolbox). For archival use: H.265 (x265). I've never used the 10 or 12 bit versions. I should look into that.