You're most welcome. A little bit of history.
I actually previously had a late 2012 Mac Mini, with a 256 gig SSD and 8 gig of Ram. I had it for over 6 years, and it performed very, very well. In fact, it had a Core i7 processor (my current late 2018 model has a Core i5 processor, but have seen no decrease in performance). However, back in January, after finally moving to Catalina (will explain why below), I knew that Catalina would be the last Mac OS I'd be able to run on it. So, besides 3 nice "financial" reasons, I purchased the late 2018 Model I mentioned above in early February (and within a couple of weeks, sold the late 2012 model for a decent amount).
Besides only having my late 2018 Mini for 10 months, the biggest issue for me right now regarding the M1 model is the lack of compatibility with almost all of my third party software with the M1 architecture (and of course a similar issue with Big Sur). I never move immediately to a new version of the Mac OS, as 1) it is typical with just about every new version of the Mac OS that it has bugs/issues for at least the first 2 or 3 versions, 2) the lack of compatibility for my third party software (I use third party software exclusively on both of my Macs), and 3) there is nothing "earth shattering" that I must have with Big Sur. Catalina works flawlessly, is reliable, and stable (and of course all my third party software is compatible with it).
I have 6 critical programs that must be compatible with the new Mac OS before I make the move. For now, two of them are, but there are 4 more. One of them is so, so important: SuperDuper!, which I rely on for my backups. Fortunately, 2 of the remaining ones (Thunderbird and Onyx) are real close to having versions for Big Sur compatibility. When they are released, I will download the latest Intel-based version of Big Sur (remember, there are 2 versions of Big Sur: one for Intel-based Macs, like I have, and the other one for M1-based models). That will be V11.1, which is due to be released soon. I will install it on a partition on an external SSD I have, migrate all my files, folders, settings, apps, etc. from a SuperDuper! backup, and then start to test.
Besides SuperDuper!, the last remaining app is Tech Tool Pro. That one is always last, and it is for that reason why I made the statement above about finally moving to Catalina in January, as that is when a update to Tech Tool Pro for Catalina compatibility was released. I suspect the same will be true for Big Sur, and I will (most likely) make the permanent move to Big Sur in January or February. That also means there is a good possibility another version of Big Sur, V11.2 (or maybe V11.3?) will be out by then, addressing some more bugs/issues. Of course that assumes a version of SuperDuper! has already been released. History has shown that to be the case.
OK, sorry for the detailed response, but for a definitive answer to your questions, it is best for me to provide as many details as possible.
I forgot to mention one other "biggie" with the M1 Mini: it has a maximum RAM amount of 16 gig, and cannot be upgraded any further! Yeah, a real shortcoming, especially for an individual like you. I am on another Mac forum, and have seen reviews of some M1 Mac Minis. One common complaint, though, for folks there (not mentioned in the reviews) was the 16 gig RAM limit. So when I read your needs, that is why I recommended the late 2018 model. Again, it is almost as "new" as the M1 model, can support Big Sur (and most likely at lest 4 or 5 more future versions of the Mac OS), and of course the RAM can be upgraded.
OK, my post is long enough (but I don't mind)! If you need anything else, please let me know.
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