Compare both options on the geekbench database and see for yourself if the delta between the 5500m and the M1 outweighs the 18% performance hit that emulating x86 programs on the new process architecture is worth it.
browser.geekbench.com
PS. get the m1 pro and enjoy not getting dead ended in a soon to be obsolete architecture, you won't be playing windows games but the 120hz display is really fine for the few competitive games I play with friends.