I have the base model $1k M2 air and it functions excellently as a development machine. Both web dev for work (running multiple react clients, node servers, Pg instances, docker containers, etc all at the same time), and for basic game dev for recreation - though admittedly I’m using Godot for that which is among the lighter weight game engines available.

That to say, it’s far more than a glorified Facebook machine and is a truly excellent value. I much prefer it over my work issued intel MacBook Pro.