So far apps under emulation are still outperforming them running natively on older hardware. And vendors seem to be producing ARM versions pretty quickly. Heck even *Adobe* has an ARM Photoshop beta out. I'm sure the whole carbon/32bit fiasco was hot on both Apple and Adobe's mind, especially since Apple has come a long way with the Mac from when all that went down the first time.
Don't forget tooling has dramatically improved - I think they did themselves more disservice by calling it Rosetta again. This isn't your fathers Rosetta! Xcode is completely different, Apple has been aggressively pushing folks more to public frameworks where Apple does the heavy lifting, etc. The Mac development ecosystem is in an entirely different place.
Indeed, with the CoreDuo transition Intel was a completely unknown quantity to developers; not so with ARM since the iPhone/iPad is now over 10 years old. I think that's why you are seeing so many apps popping up with ARM native versions so quickly. Indeed, going forward I think the code reuse between iPad and Mac apps is going to ignite changes we can't even anticipate. We may finally get a Mac version of Overcast! If nothing else I'll be able to run the iPad version 🙃
Finally waiting for a better version - there is always going to be a better version. If you don't have a compelling reason to buy then no one should feel compelled to get a new Mac. I feel compelled because my 8GB 2015 MBA is currently sitting on a 4.26GB swap file because I have a few dozen tabs open in Safari with Big Sur

Having a Retina screen on my Mac would also be a huge upgrade. I'm tempted to wait for the 16", but I really love the size/weight of the MBA and I think that plus not having to wait will eventually win.
Either way it's nice to once again have Apple hardware that's unique and worth getting excited about! Fun times indeed.