I may be wrong, but I beleive with a dedicated GPU all the data used by the GPU is actualy duplicated in system meory anyway. E.g., the gfx driver loads all the assets requested by the software and copies them to the GPU. The GPU might not have sufficient memory, so will swap out and get data from the system memory (cuaing horrific hitching in a game, but OK for compute tasks). Certainy for games this is the case.
Saying that, I am still on the fence on going for 32GB. 16GB just sounds a little too 2018-2020. I wan my new Macbook to last 5-7 years. I used to edit a lot ofphotos which was fine on 16 GB but I want to get in to some video editing. Nothing pro, but some GoPro footage of my kids skiing or my ultramarathons. I have yet to even buy a gopro, let alone edit - it will be an xmas present. so I have no idea of my personal memory usage going forwards, let alone prediticting what things will be like in 4-5 years.
Sure, saving $400 now and upgrading sooner makes sense. But the loss in value of the macbook then shelling out another $3K in 3 years because you are memory limited would really suck.
What sucks about memory is you rarely see any advnate at all, until the time that you absolutely need it, and then it is hard to work around. A slower CPU you feel up-front but you can live with it, e.g. export in Lightroom is slower but you go drink a ta and come back.