In my limited experience, kernel panics can be caused by hardware issues. That said, is it understood that the the MacBook Air shipped with Big Sur? Also, is the user new to Apple and the MacBook, or did you use something like Migration Assistant to bring in your data?
Let's rule out software and data - If new user and MacBook, have you tried creating a 2nd new admin test user (can delete later) to see if kernel panic also occurs under that user? If also occurs would conclude hardware issue and would Apple Support a call.
If panic is just under user, can perhaps conclude kernel panic software issue, then if not too much trouble use new second user and restrain from using Migration Assistant. Understandable that using Migration Assistant is a necessity, in that case, contact Apple Support. Suggest still contacting Apple Support if decided to use new 2nd user, I'm sure Apple would want to document your case should other issues arise.
Hope this helps and best of luck.