Unlikely, the M1 page [0] says "2 displays" and I'm pretty sure the MBP supports internal display + Touchbar + external display. And even that is based on high-res displays, I think it could support more external displays at FHD [1].
My current 16" MBP has no problem driving a total of five displays and 16,041,600 pixels - and I'd be hard pressed to go back to just two external displays.
https://support.apple.com/en-us/HT210754
I’ve found a Pro Display (6K) and two other Dell 4K works fine, additional to the internal display (it’s a MBP 16” and not running in clamshell mode).
MacBook 16”: 3072x1920
Pro Display: 6016x3384
Dell U2718Q: 3840x2160 (x2)
Total Pixels: 42,845,184
Modern hardware is frankly amazing. I remember the 22” Trinitron CRTs of years ago and owning and driving one of those was a feat, now we have multiple displays with PPI such that with average visual acuity everything is so incredibly crisp.