It's hard to really compare the M1 and i7 based MBP's since they are totally different architectures. The M1 will perform really well in some aspects and i7 better in others.
However, the ARM-based M1 is going to more efficient in general thus more performant than the i7. For your use case, you are likely not going to see any notable difference between an M1 or i7 with 8GB of memory each.
However, since the ARM-based Macs are the next generation, if you were going to purchase, I would recommend the ARM-based version unless you need to have Bootcamp to run Windows right now or if an application you absolutely rely on doesn't work well or at all with Rosetta 2.