The M-chips are insanely powerful. So powerful for my regular use that I'm still on M1-generated devices and don't really need to update. Perhaps in a few years when both local-running LLMs are good enough on regular consumer hardware there'll be a good reason to upgrade.
As a disclaimer though, I haven't even tried to really run local models on the M1 as I also have a 'gaming PC' that can run them fine.