The M1 version is superior to the i5 version. The only thing lacking is only have two TB3 ports.
I upgraded from the 2020 MBP i5/16/1TB to the 2020 MBP M1/16/1TB model and the M1 is just much better. Unless you need an intel CPU for something specific like running Bootcamp, then go with the Apple silicon model.
The battery life is far superior, and it doesn't get super hot when running applications. I would usually have to plug it in sometime during the day. With the M1, I don't even worry about that.
Performance is also great. I have an M1 Mac Mini at home and after using that for awhile, decided to switch over the MBP to the M1 model as well.
The new ones might be announced at this upcoming WWDC, so it might be better to wait if you are looking at buying. I have no regrets going for the M1 model though.