You never needed a powerful computer, although the amount of RAM was important. LR/PS will run on old slow computers as long as they will run reasonably current operating systems.

OTOH, the M1 is a powerful computer so you needn't worry about whether they will run. The only thing to worry about when you buy an M1 or M2 (or M3 eventually) is whether you have enough disk space (SSD). You can't make it larger after the fact, although you can benefit from keeping all your data on an external drive. That makes it easy to copy the data to a larger drive and rename that drive to match the old one. The substitution becomes transparent.