I did not expect my previous answer to be satisfactory.
I'm considering using it for school/work/streaming,
Those are three separate requirements. What school and what work are you anticipating? If you are a cinema student or professional film producer you may be expected to produce full length studio quality movies. Get as much storage as you can possibly afford. It will be in the multiple terabyte range. If that were the case you probably would be considering a Mac Studio anyway, and not the svelte MacBook Air.
... internet browsing,
You need hardly any storage for that. Same for video streaming.
... and maybe photo storage/photo editing?
Like video production and editing, that also tends to be demanding of storage requirements. If you only have a few photographs, you don't need much storage. If you have tens of thousands of photos and / or you intend to use Adobe's notoriously expensive bloatware for high quality image editing, again you will need as much storage as you can afford. And if you use Adobe you can afford it 😄
As you can see no one here can possibly advise you regarding how much is enough.
You really ought to avail yourself of Apple's "Chat with a Mac specialist" feature available on their website, here: Chat with a Mac Specialist. Their advice is likely to be conservative, and they don't work on commission, so you should lend serious consideration to whatever they may recommend.