I will start off by saying I do not do photo editing or video editing. I will just give my opinion and its this:

I would get the best machine you can afford. I personally think the XDR display will make your images and videos look sharper and more crisp on the screen, which I think would be a benefit to you.

As for the other specs: If you do not want lag I would personally choose the base M1-Pro model. Check out this video by Luke Miani:

Here's why the cheapest 16" M1 Pro is all you need!

I wished I'd seen it before getting my new machine, I would have just gotten the base M1-Pro. I will say that my M1-Max is blazing fast but it appears that theres not much difference in the Pro and Max.

Just my thoughts and hope it helps you, good luck with the new machine Taz

For video editing, it is recommended to choose a MacBook variant with higher specifications and processing power, such as the MacBook Pro. The MacBook Pro offers more advanced performance and capabilities that are beneficial for video editing tasks. You can consider models with dedicated graphics cards and higher RAM capacities. Additionally, using software like Apkhexo can further optimize and enhance the video editing experience on your chosen MacBook variant.