For $920 on the Windows side you can get a HP ENVY x360 with a FHD screen(1080p), Ryzen 7 4700U, 16GB RAM, a 256GB SSD(user upgradable) and a 1000 NITS display with touch.
Before I bought my M1 Mac, I had an Asus Zenbook 14 with Ryzen 4700U for 1000 Euro. That computer has several issues making it a lot worse than the M1. The processor that you think is so great isn't as good as the M1. In the Asus, it would draw up to 35W for short bursts, giving it about 7000 CB R23 points in a single run. In a 10 minute loop, the chip would drop down to about 13W, which would give it a score of about 6000 points. My M1 Air draws about 13W when it's not throttling and has about 7500 CB R23 single run score.
DO NOT forget a lot of the performance comes from Apple bullying developers into optimizing their apps well, which isn't the case on windows. Also the processor has a bunch of extra silicon like the Neural Engine, H264/H265 encoders/decoders that make it perform above average for its class in video editing and other creative work.
Besides the processor performance, the M1 has many other advantages. High power efficiency and scaling mean that under most normal loads like word, webpages, video streaming etc. the whole M1 package consumes under 1W of power. An x86 processor would consume multiple watts doing the same. This means that the M1 Air with a 17Wh smaller battery lasts miles longer than the Asus. With the Asus set to low power/quiet mode, I would lose 20-30% after 1 hour of MS Teams. On the M1, I lose that much after 3-4 hours. Granted some of that is also due to me having to run the Asus at 100% screen brightness because it only had 250 nits like most windows laptops at this price, but that would shorten the life by maybe an hour max.
The laptop you list specifically comes with a terrible display. 1000 nits means nothing, as the privacy filter makes it horrible to use and gives it awful viewing angles. It also doesn't support 10-bit color (DCI P3) like the M1 Macbooks. A terrible display is the biggest weakness of cheap windows laptops. Where I live if I want to get a Windows laptop with a comparable display to the M1 Air, I have to shell out 500 euro more for a base model XPS 13.
However, you are completely correct about the upgradeability, most windows manufacturers make it easy to get replacement parts from suppliers and a replaceable SSD is a massive advantage over the M1.
The M1 macs also beat many cheap windows ultrabooks in: speaker quality, construction quality (flex), webcam quality, microphone quality, touchpad quality and sometimes keyboard quality.