Based on Adobe's docs on system requirements, I suspect your M1 would be doing fine if it had at least 16GB RAM.
Their minimum and recommended GPU requirements for LRC on Windows are very modest. No reason it'd be any different on macOS, but they don't go into as much detail (probably because they don't need to, I bet any Apple Silicon GPU will do).
Honestly, if a 14" screen is fine, I bet you would even have good results with the non-Pro M5 MBP they just announced.
Also, you're buying this in the US. If you buy direct from Apple, take advantage of their 2 week no questions asked return policy to avoid worries about being stuck with too little computer to do the job. Just make sure to immediately load it up with the jobs that have brought your M1 to its knees. If it's not good enough, run it through the factory wipe process, return it, and use the credit towards a higher spec Mac.