You can increase the memory (pre-purchase) to 16GB and SSD storage up to 1TB but that does come at an unreasonable price hike in my view.
I assume the M1 chip included in the linked model is the 2020 8 core which is a seriously powerful chip, faster than a Intel i7 and close to an i9. I'd say for most applications the base model should suit the majority of needs.
It isn't perfect and I'm also a heavy Windows user but Windows 11 won't run on any of my PCs even though they leave most off-the-shelf PCs in the dust. After pricing up a new PC for my music studio the current iMac actually gives more for less money plus there's far better compatibility with the software I use.