Are you connecting your M1 MBP to any sort of dock by chance?
I'm at wit's end with this exact wake-from-sleep kernel panic. I thought it was originally related to using my M1 MBP with a CalDigit TS3+ Thunderbolt Dock, but it just happened when I reconnected my MBP to a Thunderbolt Display on one TB3 port and to an OWC USB-C travel dock on the other (2 SanDisk Ultra flash drives were connected to the dock).
I've completely reinitialized my machine via DFU restore and set it up from scratch (i.e. I did not migrate from a backup), and this is still happening. I've even filed a feedback report: FB8969561.
This has been happening since I received the M1 MBP in mid-December, Mac OS 11.1. It checks out fine using the built-in diagnostics. I haven't experienced this degree of instability since the pre-OS X days.
Once again it appears that Apple's hardware is ahead of its software. I would really appreciate it if Apple could fix these kernel panics.