Yes, I had an M1 air 8gb and didn’t have a single issue editing in 4k (fuji xt4 and iphone files). But for that price you might as well consider the 14" M1 Pro (better screen, more powerful, more storage/ram, more ports, better speakers and more external screens supported).
Use your mac as much as possible plugged with the app Aldente and make sure that the battery isn’t charging