For my workload (music production), and despite still having to run Ableton through Rosetta, it can handle roughly twice as many tracks as my 2018 MBP (which luckily is _not_ something I purchased). All my previous "problem" projects now run perfectly. And this is all while running completely silently and barely getting warm compared to my 2018 MBP, which runs fans full blast and gets super hot if I so much as glance at Ableton. Can't say I miss the hiss of the fan when I'm trying to mix tracks.
If the developers of plugins I use all the time ever get their ducks in a row and finally get around to updating them to support native ARM (that's the current limiting factor), I imagine it will be even better.
Kind of embarrassing that it's taking some devs so long.. Steve Duda managed to get Serum updated within a couple months of the original M1 release.