If I remember correctly, the lower spec ram on the Air has a lower spec gpu as well (7 cores as opposed to 8). So if you go for the Air get the 16gb version.
Personally I would think about it slowing itself when it gets hot, for photo editing and video I would opt for the MBP over the Air.
I have a M1 MBP 13" and it flied through video (even multiple 4k on layers in premier), anything photographic or design I do, and also 3d and rendering. I have had the fans go three times since I bought it last March, it takes everything I throw at it with ease.
My thoughts were to upgrade when the pro chip was released, but it seems to be doing all I need it to!
T