Connecting two M1 Macs

[xliver]

I know there was a feature w/ the intel Macs and other models that allowed for Target Disk Mode. I'm wondering if there is something like that specifically between 2 Apple Silicon Macs but where you wouldn't have to turn them off. I.e., I could plug in a thunderbolt usb-c cable into each computer, that is already on, and begin to transfer files between them?
Anyone know of a feature like that or how to do it?
If not, do I just need to restart one and hold down the power button again to go into share mode?

 

[joevt]

Enable File Sharing in the Sharing preference pane and Thunderbolt networking in the Network preference pane in System Preferences.app?
https://support.apple.com/en-ca/guide/mac-help/mchld53dd2f5/mac

Target Disk Mode is more useful than file sharing because you could use it to do partitioning, recovery, booting, etc.
https://support.apple.com/en-ca/guide/mac-help/mchlp1443/mac

M1 Macs have a new method:
https://support.apple.com/en-ca/guide/mac-help/mchlb37e8ca7/12.0/mac/12.0
I haven't tried it but it appears to just be a method of file sharing so you can't do partitioning, recovery, booting, etc.?