I am currently waiting to take delivery of a 14" M1 MBP. I assume the move here is to cancel it and order the newer one?
If you have a computer you can still use the move is definitely to cancel. Then either buy the new shiny or buy the older models (unused or refurb) at a reduced price. These M processors are so good that for me, the ones currently shipping are perfectly fine.
The perf gain should be circa 20%, but in Europe prices got a noticeable bump due to the strong USD (relatively).