You didn't mention the M1 MBP screen size -- you looking at a 14" or a 16"?
In general, this is a feature decision, not a computing decision. Both will be "close enough" in performance,
with the edge to the M4 due to newer architecture, faster neural processing power, and single core performance. There are some video codecs that the newer M series handle better also, plus faster wifi.
The screen size difference between an 14" and 15" is quite substantial. The 16" is in another league, though.
Do you want 120HZ refresh rate? Better screen resolution? Better speakers? Not mind heavier weight? If so, go Pro. I have an M1 Pro 16" that is still going strong.
However, I wouldn't drop a lot of money on one now, TBH--maybe only a smokin' deal for an M1 Max. Personally, if spending over $1K -- I want the latest chip or minimum M3 series. I just think there's too much advancement with Apple silicon and that we are at the precipice of the M1-series losing its edge--not that it won't be supported, but the neural processing power of the M1 series is a weak link that is going to show up more and more.