The M1 was introduced into the entry level machines, but do not confuse that with low end.
Apple's strategy was to avoid coming in with a completely new, in-house designed chip in their top end, pro-market machines. By introducing it in their entry level machines, if it fell short in any way then they had a safe and reasonable explanation. In reality, they exceeded even their own hopes and came in with something that amazed everyone.
The next machines to come out with new M chips (M1X, or M2 or whatever) will be better than these first ones of course, but that doesn't mean these are in any way a compromise.
As said above, unless you need a specific piece of non-AMR software on it, just be happy with your choice. Think of it as getting a bargain machine (in cost vs performance terms) compared to the previous generation. Apple over delivered, be happy that you get the benefit of it.
EDIT : Oh, and if you'd bought an Intel machine in September last year, I'd guarantee you'd be wishing you would have waited for a M1 !