With iCloud and other cloud solutions, it's very easy for a lot of people to live with 1TB just fine. I've gone for 4TB in my new MBP because the 2TB in my current machine is just not enough. But almost 1TB of my drive is used up by my Photos library, which I could easily chose to optimise and store in iCloud, which is what most people would do (I chose not to because I want a 'full' library on my main computer so that it also backs up to my Time Machine backup). Take my Photos library out and I'm at 1TB. But then I have 340GB of Documents, way more than most, which could also be stored in the cloud.
As a comparison, my wife's 14" M1 MacBook Pro has a 1TB hard drive. She uses it pretty much all day every day for both work and personal stuff. She stores all her photos locally like I do and yet she still has 300GB free.
If you're not doing video editing work or playing modern AAA games then you don't really need that much space. As you're a video editor though, you're living in literally a different world from most people. Put it this way; a single 20 minute 4k ProRes video is likely takes up more hard drive space than most users entire lifetime's worth of photos.