I use a mac mini 2018 as my desktop computer, I'll miss this gen as I think the i7 is still similar general cpu perf, obviously slower on the cherry picked benches and I do a lot of 4k video editing....so I use lots of the 64gb ram I use now....also no egpu support is a massive fail for us professionals I have a vega gpu attached to mine.
Sure the M1 has video editing acceleration but I don't hold up much hope when I'm editing a 500-700gb project that's all h264/h265 4k. Sure proxy etc etc but not always possible with some stuff due to fast storage big enough
Yeah a $700 decide isn't really up for the tasks you describe. More like Mac Pro territory.