I understand your point, but I think it really depends on how you use your computer. If I bought an i5 or i7 MBA with the hopes of using it for video editing and coding, then it might be worth bitting the bullet and jumping on the train. In my case, I bought the base i3 for basic productivity and "everyday" use: Mail, Safari, Notes, Photos, iWork, MS Office, Preview, etc.. I don't render video. I might do an occasional short simple iMovie, which are really glorified slide show of family photos. Anyway, I almost never hear the fan on my MBA. I wouldn't notice the performance enhancement that much for what I am doing. I mean, right now Apps load almost instantaneously on my current MBA as it is, so the M1 won't change my life that much. Better battery life would be the biggest benefit to me, but after 3 months of use, I have yet to run my battery down below 50% during the day.....so, this is not that compelling for my use right now.
Bottom-line: I am willing to wait until Apple refines the M processor and optimizes the MBA form factor with edge to edge screen. Perhaps a better camera as well.
In no way am I knocking the new M1 MBAs. I think they are great. If I needed a new computer right now, I would buy one. But, I have a new computer that does everything I want/need. Ergo, no regrets.