Any new Mac will run circles around the 2014 Mac mini, including the latest Mac mini M2. Additionally, you should be budgeting for a replacement device by the Fall of 2024 as Monterey is expected to be dropped from support at that time. And the 2014 can only run up to Monterey. When Apple drops an OS from support, this usually starts a cascade of 3rd party products also dropping support for the OS. This includes Microsoft (usually one month after Apple releases the next OS) and Adobe.
Now, without knowing the details of your 2014 mini, there is a good chance that you have a 5400 rpm rotational drive in that unit. Compared to today's SSDs, they move at a glacial speed. Disk performance alone on the new machine will put you into another level of speed. Also, if you have a rotational disk on that 2014, make sure you have a reliable backup. The machine could be up to 10 years old (depending on when purchased). That is a long time for a drive to be spinning. Verify your backup. Keep it up to date.
The drive alone is not the only improvement. RAM, the M-Class chip, Apple's integrated graphics, all put the 2014 to shame. Applications like Office run very well on M-Class devices. Word, Excel, etc, should all launch with one or two bounces in the Dock (launches after an update will take a little longer as the app is verified). While I know you are not doing video, the M2 is up to 10x faster on encodes than a 2017 Intel Mac. So compared to a 2014, it might be 25x faster (? - have not tested that in a head to head).
Finally, there is the timing of the purchase. I know nothing about when Apple is going to release products. However, if we watch their product release cadence, you might be able to make a guess. Last week Apple released new iPads and one of them has the just announced M4 chip. This is the first time an M-Class chip was introduced in a product other than a Mac. On the Mac side, Apple is currently selling a confusing array of Macs with M3 (MacBook Pro, MacBook Air, iMac), M2 (Mac Studio, Mac mini, Mac Pro), and M1 (Air if you have access to the EDU store). It is safe to bet that many Macs will eventually be released with M4 chips? Sure. When will this happen? No one knows. However, if you are in the market for a Mac mini, make note that the M2 mini was released in Jan 2023. It has been on the market for over a year. But... if we look at previous release patterns, we waited 4 years from the 2014 to the 2018 and then 2 years to the 2020 M1, followed by 2.25 years for the M2 mini. Your guess is as good as mine regarding when the mini gets its next update. If it is about every two years, then there will be no bump until Jan 2025. Or, Apple could release it in June during the developer conference.
But if you are not a power user, and you have a need now, then a machine in hand is better than suffering with what you have. If you have access to an Apple Store, stop in and test drive the machine before you purchase.
While everyone's experience varies, I can pretty much guarantee that the difference between the 2014 and the current Mac mini will be like night and day. Todays' Macs are exceptionally powerful. Even the M1 models from 2020 are still very relevant.