In general terms, yes it is worth it. But if your laptop is working for your needs as of right now, unless the 4K thing is a must, I would stay with the one you got.
Also, boot camp does not run on m series Macs, so take that into account if that is something you need.
This aside from the other benefits we’ll know to a m series Mac (performance, battery life, etc).
I mean if you need a laptop I would say its worth the upgrade and I doubt you could get a better laptop at the price of a m1 MacBook Air (around 800 usd).
if money is tight, you can’t go wrong with a m1 MacBook Air.
if you take good care of it, it will last you at the very least 4-5 years, but if a MacBook Air is out of your budget any 500-400 usd laptop should work fine for school stuff, but no so sure about the video editing and Lightroom.
I mean, you are not gonna see that much of a difference between your m1 air and a m2 in performance. If I were in your position I would either get the 15 inch m2 air or get an external display.
This is as long as your current air works fine for your workflow.