Also went with base. You'll be fine especially compared against what you had before.
First, you're going from a years-old dual-core laptop-class Intel cpu to an 8-core (6 perf + 2 eff) cpu. Second, laptop Intel cpus (especially before 8th gen) suck. On GeekBench benchmarks your CPU gets 759 single / 1618 multi-core whereas a current M1 MBA gets 1703 single / 7400 multi-core - a HUGE step up even for even just M1.
Memory is a thing everyone will say to consider upgrading but personally I just stuck with 16GB. Programming (Rust, Python, some others), media consumption, yada yada, I could live with 8GB just fine and the huge limiting thing with my old 13" 2013 rMBP was the crappy crappy CPU. For most users, the most important thing is single-core performance and M1 rocks it.
The lower end laptops will likely stay at 8GB for a while yet - 16GB is still an "upgrade". The "upgrade" in this case is an eye-watering amount which makes no sense for most people (including myself).