Reviews of the M1 laptop and mini have been pretty stellar, main problem so far being lack of I/O. Pretty substantial performance gains, of course first in Apple's own software but I haven't heard widespread complaints of incompatibility with software not yet updated. And I think MS just updated Office.
Pretty much the nail in the coffin of ever "owning" software again, but if you have an active subscription you'll have a substantial update soon.
But, on the other hand, I haven't heard any announcement of a new iMac yet. Still, at this point, I'd definitely wait.