I think a key element here is to what degree you're working in Final Cut Pro. If your workflows are simple enough and your needs are casual enough and if you're not doing anything terribly complex or high resolution, an M1 MacBook Air would probably be fine (though I'd probably opt for the 8 GPU cores version of the M1). Certainly, if you could afford the extra $250, the current M1 13" MacBook Pro would, for sure, have you covered.
The only reason why I might be reluctant to recommend waiting on the 14" MacBook Pro to emerge is that Apple has historically had problems with the first iteration of every new MacBook Pro body style since they renamed these laptops "MacBook Pro" from "PowerBook G4". And many of these problems had very little to do with the fact that Intel was inside. If you wanted to go the 14" MacBook Pro route, or even the redesigned 16" MacBook Pro route, I'd wait until the first refresh happens at the very least. Certainly, if you're worried about spending money on a model that is likely to not be current for too much longer, buying a 13" M1 MacBook Pro from the Apple Certified Refurbished section of the Apple online store isn't a bad idea as you still get a sizable discount and it will likely continue to be available for some time after the model is eventually discontinued.