Yeah, if I were into video editing on my laptop, I'd get a MacBook Pro, with a discrete GPU too. It'd have to be at least a 2017 MacBook Pro though, and preferably a 2018 (with increased core count).
But I have an iMac Core i5-7600 with Radeon 575 and any video editing would be done on my iMac anyway, so for me it's moot. I suspect it's also irrelevant for the OP, since s/he hasn't stated any need for video editing.
Ironically though, the MacBook Core m3 can edit 4K even some 8K tolerably according to some reports.
I think this may be due to the improved Quick Sync in the Kaby Lake iGPUs. I've heard reports that h.264 hardware decode/encode has been improved, and in addition, it now has up to 10-bit 4K h.265 HEVC hardware decode/encode as well. 10.13 and Apple software will leverage up to 10-bit 4K HEVC hardware decode (only available in 2017 Macs or later, excluding the MacBook Airs), and up to 8-bit 4K HEVC hardware encode (2015 iMacs, 2016 MacBooks and MacBook Pros).
To put it another way, in some specific instances, you're actually better off with a 2017 MacBook than a 2016 MacBook Pro. There are videos on the MacBook Core m3 that can play back smoothly that even an iMac Core i7-6700K can't, due the lack of the hardware support in the iMac.