Hi shantytown22,
Short answer: No. But there is a pretty close alternative in terms of easy.
To factory reset your M1 MacBook, you'll need to erase your Mac and reinstall macOS. You'll want a fast Internet connection for this.
- Turn on FileVault (System Preferences -> Security and Privacy) to guarantee that you'll see the screen described in step 5. It also ensures that only authorized users can access macOS Recovery.
- Shut down your M1 Mac.
- Press and hold the power button (Touch ID) until the screen says "Loading startup options".
- Select the Options gear and click Continue. You're now in macOS Recovery.
- You should be asked for an administrator password to continue. Don't provide your password. Instead, go to the top of the screen, and select Recovery Assistant -> Erase Mac.
- Follow the onscreen instructions to erase your Mac.
- Your Mac should now restart. If an Activation Lock window appears, enter your Apple ID and password to continue.
- Select Install macOS and follow the onscreen instructions.
- When the installation is complete, Setup Assistant should appear, and your Mac is ready to be set up. If you are selling or giving away your Mac, make sure to remove the Mac from your Apple ID here, then press Command-Q to shut down your Mac, so that someone else can set it up.