Does M1 chip will get a 10 years of software updates???

It is reasonable to expect a Mac to last well beyond Apple's traditional support lifecycle of very approximately seven years. That doesn't mean it will suddenly become useless or won't receive routine macOS security updates, since they have continued to provide them for Macs well in excess of a decade old. But it's unlikely whatever macOS version Apple may release in 2030 or beyond will install on "obsolete" Macs (their terminology).

Read Obtaining service for your Apple product after an expired warranty - Apple Support for a list of products Apple considers "obsolete".