I don't have a 2020 MBA, I'll probably get one at some time. I run Logic on a 2015 i7 MBA. I've been running Logic on low end Macs since I started. I used a White Polycarb MacBook, a Mac mini (quad core... this was really powerful for the time), and now a MacBook Air. I'm in the Apple ecosystem because of Logic, but I'm always looking to get the best performance from Macs for the least amount of money.
From benchmarks , it seems like the 2020 i5 is twice as fast as my MBA. Using Logic is a bit in between bursty and sustained performance. During editing, tweaking and actually using the program it needs more bursty performance. (it's not a rush to complete the job, it just needs to perform the calculations fast enough for playback.) But when exporting/freezing then the CPU needs to be good at sustained performance to export it quickly. These situations I did feel the limitations of the MBA, and had to wait for it to render down. Nothing terrible, but it'll depend on if waiting a little longer for bouncing is worth it. I really pushed my MBA up to what was possible, and at times I needed to freeze all my tracks to continue working... that took a long time and would have been better served by a MBP. Are those times worth the extra cost of a MBP? ... a bit of a philosophical question.
The core of Logic Pro X is easy to run. It's a program that goes back a long time and doesn't need a beefy system to do even moderate tasks. All the built in plugins were designed back in before 2010 even. A plugin that was heavy to use back then is now no problem for even the slowest Macs.
I actually ran some benchmarks to see what the hardest to use plugins are. The easy ones I could run 100+ of, the harder ones I could run about 10. There is no plugin I couldn't run though.
For example, Logic's fancy new reverb, Chromaverb, I was able to run 58 instances of. Most plugins I could run in that range: instruments between 25-50, effects were more in the 50-100+ range.
There are some plugins out there that will crush a MBA if you use too many of them... but these plugins will be notorious for how hard to run they are. But you can still use them, just not an unlimited amount of them.
So TLDR, Logic runs great on the MBA. It'll do projects of 20 tracks, and probably closer to 50 tracks. It'll take longer to export things. You can't run an unlimited amount of the most demanding plugins. Freeze/Exporting tracks is always available if you run out of power.