You could most likely get away with the current MacBook Air. It’s screaming fast, great for multi-tasking for an entry-level laptop, and renders graphics quickly. Photoshop is also optimized for Apple Silicon. You could also wait for the late 2021 or early 2022 MacBook Air, which should have an M2 processor.
The 14” is likely to be quite a bit more expensive than the Air. It’s going to have a more premium design, specs, etc. Overkill for most people today but also very versatile in terms of future-proofing.