If your current MBP is doing all you need, I'd wait until you need to replace it. There is always a better processor just around the corner...
I went from a Mac mini M1 to a MacBook Pro M4 Pro this year and the difference is incredible, but I really wanted to switch from a desktop to a portable device - and I gave up waiting for the MacBook Air M4. (Which came out just over 2 weeks later!)
Likewise, I went from an M1 MacBook Air to the M4 version at work, but the M1 was really underpowered (mainly in the RAM department, it was an 8GB model and starting to struggle under the normal workload - constant beachballing, especially in Outlook, opening an appointment took around 30 seconds of beachballing. That made the upgrade a no-brainer, but if your MBP is still coping well with your workload, I'd hang on and see what the M5 this year brings or the M6 next year, the M5 series should appear in the next few months, so probably worth waiting.