That is true. However, given the usage stated, it shouldn't be a problem. Like I said, many MR forum members are bad about convincing other members they need 16GB of RAM and 1TB of space, even though their usage hasn't and won't approach such levels.
The M1 is much more efficient than the Intel Macs. The Intel Mac can easily do what you stated with the same specs for years to come. In fact, many, many forum members with older Macs with the same specs are having no problems using their Macs in the same usage pattern.
Even with OS updates for the next 3 - 4 years, it shouldn't be a problem with the current M1. Should your usage change, then you may need to reassess your needs.