In 2013, TechReport did an SSD endurance test: for months, it ran non-stop write operations, a much more strenuous use case than what a regular laptop would experience, which will be primarily read operations. 4 months in, after writing 300TB, all the tested devices were still working without issue.

If the characteristics of the SSD in an M1 are sufficiently similar to the SSDs that were used back then (I have no clue if that's the case), wear out will be a non-issue.