Yup 16GB of RAM is totally fine. My personal take is that 24GB, if it's not much more expensive when you buy it, would give you the extra year or two of comfortable usage, a few years down the road. But indeed I'd value the 512GB a bit higher than that.
I upgraded from 8GB RAM/256GB of storage when I did (and from an Intel chip) and my feeling today is: the chip (M2 Pro) is by far the most powerful I've ever had, 512GB storage gives me enough comfort that I don't have to clean up my laptop every other month. For both of these, it will probably be enough in 5 or 10 years, unless I want to train ML models on my laptop. And the RAM is good today, but I can get a glimpse of the limit once a week (and I expect I'll have to change to a MBA in a few years), hence my recommendation to pay the extra 200CAD to get it (ideally you would find a deal with a lower price difference). Your M1 8GB RAM laptop will probably lose 100$ in value by next year, and if you pick 16GB RAM today and change again in 5 years, you would probably lose 100 or a few more by upgrading.
But if you don't feel frustrated with coding today when you use your laptop, stick with it and when you start earning some more money next year with coding, spend the extra 200$ then.
I upgraded from 8GB RAM/256GB of storage when I did (and from an Intel chip) and my feeling today is: the chip (M2 Pro) is by far the most powerful I've ever had, 512GB storage gives me enough comfort that I don't have to clean up my laptop every other month. For both of these, it will probably be enough in 5 or 10 years, unless I want to train ML models on my laptop. And the RAM is good today, but I can get a glimpse of the limit once a week (and I expect I'll have to change to a MBA in a few years), hence my recommendation to pay the extra 200CAD to get it (ideally you would find a deal with a lower price difference). Your M1 8GB RAM laptop will probably lose 100$ in value by next year, and if you pick 16GB RAM today and change again in 5 years, you would probably lose 100 or a few more by upgrading.
But if you don't feel frustrated with coding today when you use your laptop, stick with it and when you start earning some more money next year with coding, spend the extra 200$ then.