You’re not going to be editing 8k pro res videos on it, so it’s not going to matter whether it has M1 or M4. As long as the processor is able to do whatever functions without noticeable lag, I don’t think processor power is going to matter. It’s possible that a M3 could be more efficient and extend battery life but I think they’ve already set what they’re going to release. If they’re selling it early next year I bet it’s already in production now.
I don’t think Apple would announce it with M2, and then release it with M something else. It’s the same thing with people hoping Apple’s going to sell this thing for $2k. I don’t think they’re going to make last minute changes like this.
Just my opinion, but this is a device for early adopters and tech nerds. This is the first generation and it’s going to have issues. Unless you must have the latest tech stuff when it first comes out, I would wait.