Based on what you said, it sounds like the 16GB may be closer in performance to 64GB under Intel, right?
If your workflow runs out of RAM and starts swapping to SSD on an Intel Mac with less than 64GB of RAM then it is highly likely to run out of memory and start swapping to disc on an Apple Silicon Mac with less than 64GB of RAM.
Maybe in some cases the new features of M1(unified memory, new GPU features, hardware codec acceleration) will eliminate the need for a buffer or intermediate copy - or just be sufficiently faster in other ways to make up for memory-related slowdowns - but that's going to depend case-by-case on the workflow, file formats and how well optimised the software is for the M1. So
maybe, say, FCPx will do certain jobs with certain file formats with less RAM - but that's not going to generalise. Apart from that, 1GB of data on Intel is the same size as 1GB of data on ARM. If you need to composite 50 1GB images, load up dozens of virtual sampled instruments, or create 8 Linux VMs with 8GB RAM each then your RAM requirements are
not likely to change.
Some people have drunk far too deeply of the Kool Aid and seem to think that ASi Macs will turn a 4GB bitmap into a 1GB bitmap "because Unified Memory". It won't - and if it did you could be sure that Apple would have been singing it from the rooftops on Tuesday (along with the new perpetual motion powered Apple Car).
Anyway, what 64GB under Intel? These M1 Macs replace the Air, the
low-end pro and (frankly) the
2014 "Headless MacBook Air" Mac Mini. None of those supported 64GB.
More pertinently, on memory-heavy tasks, in 6 months time, your 16GB M1 Mac is likely to be left in the dust by a 64GB M2/M1X/Whatever 16" MacBook Pro/iMac/Mini Mac Pro replacement.
What
is probably true is that 8GB is adequate for most general personal productivity/content consumption purposes (use bookmarks instead of leaving browser tabs open, folks) and that 16GB is plenty for light development and content creation - but if you have a genuine use case for 32GB+ RAM then these first M1 machines are probably not the Macs you are looking for.