Everything I've heard sounds like a coin toss between "October" and "Spring", though perhaps leaning a bit more towards Spring.
And yeah, while the M1 versions were a world-changing difference over the Intel MBPs, but the M2 versions are not going to see a similar level of improvement over the M1 versions. They'll likely be 10% faster and have a few QoL improvements (possibly a bit more improvements if they wait until Spring). The M1 MBPs are awesome machines (typing on a 16" M1 Max MBP right now - I expect to be using it for many years to come).
A lot of it depends on just how much you can wait. If holding off for a few weeks is reasonable, you could see if new machines come out now. You could potentially even buy at some point where the return window will definitely overlap with the releases (if they happen in October), to give you an out if the new ones come out and they have some new feature you really need/want.
Another thing to keep in mind is lead times - it may take a while to get the machine, especially if you're not ordering a standard configuration. Mine took a couple months, at the beginning of the year. If the lead time for the configuration you want extends past October (and you're not up for waiting until Spring), you could possibly order now and cancel if a super-compelling new one comes out.
