Since 2013 there have been multiple iterations of SSD technology that increased storage density but sacrificed storage durability: https://www.howtogeek.com/444787/multi-layer-ssds-what-are-s...
This is why people are concerned about SSD endurance. An old SLC SSD's NAND would be good for many, many writes, tho the controller would often fail. Nowadays the NAND fails, but the controller is fine.
If the characteristics of the SSD in an M1 are sufficiently similar to the SSDs that were used back then (I have no clue if that's the case), wear out will be a non-issue.