M1 is still early gen. So not every software is compatible yet and some might not work at all.
For performance: Depends. Native M1 apps will run quite fast. Rosetta Emulated ones might run good or not. Final cut for example runs like garbage in Rosetta mode. This is required if you use certain plugins that are not M1 native yet. If you don't use plugins and only bare Final Cut, the M1 might be as good or better with certain formats. M1 has hardware acceleration for more video formats than the Intel machines.
Export might be faster or slower. Most people use hardware encoding. Here, the M1 is often faster. Software encoding is probably quite a bit faster on the i9.
Otherwise: i9 runs very hot, M1 not so much.
M1 has less ports, only up to 2 displays, no bootcamp, no x86 virtual machines (yes that can be an issue for some people). Like others here already stated.