The OS doesn't "migrate" from an old Mac to a new one. That's not an issue.
I'm going to take a GUESS that all the m4 Macs introduced in the past few days are using a "special version" of Sequoia -- that is, the "generic" Sequoia installations (for everything else) won't work with them, because they don't have the necessary resources for the new hardware.
When 15.2 is released, it won't matter. It should work on the new ones and older Macs.
You should do a standard migration using setup assistant THE VERY FIRST TIME you boot the new Mac.
Your time machine backup will work.
On the day the new Mac arrives, get ready by doing "the final backup" on the old Mac.
When the new Mac is "in the door", take it out of the box and set it up, but DO NOT press the power on button until you have your backup drive connected and ready to use.
NOW press the power on button.
Begin setup. When setup assistant asks if you wish to migrate from another drive, YES, you do. So "point the way" to the tm backup and give setup assistant a little time to "digest everything" (it will take a while).
Setup assistant will provide you with a list of stuff to migrate.
I'd suggest just migrating everything, and let SA do the job.
When done, you should see your old login screen, just as before.
So... log in and "look around"...