I've done exactly that, experiences after a week's use below:
The screen size is about an inch narrower, and half inch shorter than my MBP 16", big enough for my needs (I found the 16" too cumbersone).
Sound quality not as good as my M4 Pro MBP 14", or the old 16" MBP, but still good enough for general use.
General build quality on a par with both MBP's.
Keyboard and trackpad I find better than both of my MBP's. The keyboard has a great feel, and the trackpad is a joy to use, smooth and responsive.
I miss the extra ports on the right-hand side, but considering the Air was nearly half the price of my 14" MBP (and less than half the price of my £2.5k 16"), the compromise is ok. However transfer speeds are lightning fast.
Screen quality - not as sharp as my MBP 14", and no pro-motion, but I can't see any difference between this and my 16" MBP.
The big difference is in speed. Everything is fast and responsive, and going back to the 16" MBP is an eye-opener.
So a very positive purchase for me. There are compromises vs a new MBP, but the differences are not worth the extra costs for my uses. I'm keeping the MBP 16" for watching vids and as a music player, but the new Air is now my go-to work machine.