is a M1/M2 MacBook Air with 16GB RAM enough for running Premiere Pro

I’m currently using a 2020 intel 13’ MBA (base model with 8GB RAM)for college work and some light graphic design work with illustrator, but have recently started to edit HD and 4K videos with premiere pro cc for an internship job, which my MBA could not handle.

I am now looking to upgrade to either a new M1 or M2 MBA. Getting a MBP is out of the question, as my budget is limited.

I was thinking to upgrade to 16GB RAM for either the M1/M2 MBA, and was wondering if 1) such a setup will be enough for at least HD video editing work on premiere pro cc, and 2) if the performance between M1 and M2 is worth paying extra money for it.

If the extra info helps, I do need to use graphic animation templates in video editing, but usually video length won’t exceed 5 minutes. Would appreciate any help!