Should I enable FileVault on my new Macbook Pro M1 Max 8TB?

I just took delivery of my 16" MacBook Pro M1 Max with 8TB of internal SSD storage. I'm setting it up, and I've gotten to the screen where it's asking me if I want to use FileVault to encrypt the disk on my Mac. The default is to enable FileVault

I haven't ever used FileVault, but I know that it can slow Macs down. However, I think that is much less true with newer Macs (especially those with the T2 chip, but I don't even know if my new MBP has the T2 chip).

My main use for this MacBook Pro will be editing video with FCP (that's why I maxed out the internal SSD storage). Should I enable FileVault? What are the advantages/disadvantages? I guess if I enable FileVault at all, it's enabled for all 8TB of the internal SSD storage? I've read quite a bit before asking this question, but I couldn't find an answer.

Thanks!