I use time machine daily to back up my MacBook Pro M1. This is a tough lesson learned for you. I upgraded from a mid 2013 intel MB and gave it to my son who is in law school. There are apps that won’t run on the M1 chip but the interesting item is lack of multiple monitor support. I also wish I had gotten more than 8gb of ram. I keep getting out of ram resources alerts. I discovered that Safari was part of the problem so I switched to Chrome which has helped.