Will 8GB of Ram be enough on the M1 chip?

The Apple silicon is a system on a chip with RAM being accessed for all of the system CPU, GPU, Neural engine etc. What I would say is that if you not a heavy multi task user, or use heavy RAM consuming apps 8 Gb is fine. But the ram is directly soldered to the SoC so upgrades are not possible. If you want to future proof a Mac to extend its life. The investment in more ram has to be done at purchase. I myself wish I had purchased the 16 Gb mac Mini instead of the 8 Gb ram model. The good thing is at least even if swap memory is in use because ram is maxed out at capacity. I don't see much of a performance hit using swap memory because the SoC is fast everywhere even with storage.

More RAM is better.

RAM usage like you posted is meaningless when accessing whether RAM amount is sufficient. If your current computer had 16GB RAM usage would likely show 14GB - 15GB when doing the same thing. Unused RAM is wasted RAM. Your MacOS uses RAM for dynamic storage so loads up RAM to quickly provide its content when needed.

Look at RAM pressure which is more meaningful.

Final cut, I'd use 16 for future proofing. better to have it and not need it than not have it and you cant add more later.

Good explanation here: Check if your Mac needs more RAM in Activity Monitor - Apple Support

If you plan to use the computer over several more years I would opt for more memory.

for video editing it probably best to get 16. it can be done in 8 but most of what I've read says thing like Adobe Premier is happier with 16GB. The ARM chips use system RAM for graphic intensive work, but with more flexibility and less latency than an Intel or AMD CPU's without a discrete GPU.

More RAM in my opinion is always better and will be good for future RAM intensive apps. When you get your new computer and check RAM usage you will see similar high percentage usage. This is because modern operating systems use all available RAM to improve performance of the system. It is not the M1 chip, the same occurs on Intel chip Macs running a modern OS.