Yes. This is also the case for just about every other computer out there, as chances are most PCs will end up writing to UEFI variables on every boot for something or other anyway, and those are stored in Flash memory too, which has a finite endurance. That should be NOR flash, which should have higher endurance than the NAND in SSDs - but we also don't have any numbers on Apple's SSD endurance, so it would be premature to speculate that this is going to be a real problem in non-pathological use cases, and that the machine won't in practice die first of other causes.
Strictly speaking, the things can boot off of DFU (USB device mode) too, but to make that useful for regular boot you need to ask Apple, as currently you cannot boot a normal OS like that as far as I know, only their signed restore bundles (which is how you fix an M1 Mac if you wipe the SSD).