Let me put my cards on the table.
On both my M2 and M4 minis I do not use the internal 256GB SSD at all.
I have macOS Tahoe installed on external 2TB NVMe SSDs and I run (boot) the computers from those.
They contain my user folder, apps and everything. They are quite simple to set up, simply installing Tahoe in the normal way but on the externals. From thereon you run the computer normally from the external. The internal SSD gets no wear at all.
Whether you simply use your external for large files or boot the entire Mac from it has a tremendous advantage . . . your main SSD is not tied to your Mac.
If your Mac packs in you have not lost anything as the SSD and all its contents are separate.
If you sell your Mac you can keep your SSD and its contents . . . you win all round.
Of course the external is probably not as fast as the internal but in practice its speed has no effect on performance except when copying massive files and in that instance it will take longer but how often do you do that?
Regarding RAM, until this year I never had a computer with more than 8GB RAM yet I had no problems editing 1080p and 4K video. I tested up to 8 tracks of native 4K video all colour corrected playing simultaneously in FCP (PIP) with no dropped frames on my basic M2 . . . I haven't tried it on my M4 with 16GB RAM.
Power wise there can be few people who could legitimately complain about lack of performance of the basic M4 so long as they have a decent external drive.