Sure. Activity Monitor shows you all the tasks a Mac is doing at any particular time. The time to examine it is when you are experiencing the slowness you describe. Most likely, you will find a process (an app, or a task) that is occupying an inordinate amount of CPU. You can sort the %CPU column to easily reveal the most demanding tasks.
Leave Activity Monitor open in the background so that you can refer to it when your Mac becomes slow. Of course Activity Monitor itself accounts for some CPU activity just like everything else, so you must also take its presence into account.
... and do you even think that this has something to do with this and not with macos or m1 chip itself?
It doesn't really matter. There isn't anything you can do about either one. If it helps though, it is my experience the M1 chip is blazingly fast — much faster than the Intel CPUs Apple has been using for a long time.
Your experience is unusual. Without additional information I can only guess what the problem may be, and since it takes so long to manifest troubleshooting is certain to be time-consuming and tedious.
At your option, consider using EtreCheck Pro and posting its report in a reply to this Discussion. To learn how to do that, please refer to Old Toad's excellent illustrated description linked in this recent Discussion (that link will take you directly to those instructions).
It may reveal some clues that can accelerate your troubleshooting efforts.
Please post its report here, not there, otherwise I won't see it.