Yes, you should wait, especially if you're looking for a 16" MacBook Pro.

The first batch of M1 macs were announced on Nov 10th, 2020, and the 16" MacBook Pro hasn't been refreshed with an M* chip yet, so that will probably happen soon. The article claims it will happen "early summer", but within the next 6 months is a pretty safe bet.

Here's a good guide on how long each specific Mac has gone without updating, with guesses on when it's a bad idea to buy now: https://buyersguide.macrumors.com/#MacBook_Pro_16

Genuinely consider looking at your non-Apple options. Seriously. I've had many, many macs, but recently they forced me into looking at other options, and they are stunning. Especially in terms of price and ports.

Yes, at least a few weeks until WWDC 2021. But it also depends on your use case.

Seems from this article that 1) New Macbook Pro 16 and 14 likely announced at WWDC in June with a "M1X" SOC 2) New Macbook Air and Mini refresh in the fall with an "M2" SOC

M1X > M2 > M1 in terms of pure performance. So if you need high performance, then at least wait for WWDC. If not, then can probably get the M1 now or wait until the expected sales post WWDC.