There will be always something better next year. The general advice I give is - wait as long as you can before you buy and then buy the best version you can afford.
Not all annual improvements are equal. The current M1 laptops have some real disadvantages- old industrial design, only two Thunderbolt ports, limited RAM, and limited software support for many apps. There are real compromises to switching to an M1 device as your main machine right now (unless you also have a separate x86 device).
MacBooks are due for a new industrial design, so it makes sense to wait. If you absolutely need a new computer, that's a tricky place to be right now.
MacBooks are due for a new industrial design, so it makes sense to wait. If you absolutely need a new computer, that's a tricky place to be right now.