MAC for photography

Both the Mac mini & Studio would be fine machines for photography & video. Regarding RAM & SSD and assuming you want to maximize future usability esp. with photography & video apps, I think you are on the right track with 32GB RAM. I would also recommend the 1TB internal SSD. You won't regret it in the long run, considering that these machines cannot be upgraded after purchase. Also recommend a couple of good external SSDs - 1 notably fast SSD for storage (esp. video files) & 1 good SSD for backup (TM or otherwise).

For comparison, I currently use a 2019 iMac i9 (Intel) with 32GB RAM & 1TB internal SSD and have no problems with Photoshop, CaptureOne or Davinci Resolve. I'm still using a Nikon D700, so my individual RAW files usually don't exceed 12MB but my RAW HDR merges do, typically 75MB+. And I do restorations of scans that that occasionally reach 150MB+ and the system hardly notices it. A new M2 or M3 will run circles around my i9.

Some people will argue that with Apple Silicon you don't need as much RAM but I'm not convinced that is the case, especially when considering long term use. The system requirements of macOS & many applications will continue to increase in future releases.

With a camera capable of 70MP RAW files, best to go with the MacStudio. The extra memory and the higher performance CPU and GPU core counts and the 32 GB of RAM in the base model would be the way to go. Also, personally I would spend the money to ramp up to 64GB of RAM before I would spend that money on a 1TB drive.

Personally, I would spend the money on RAM rather than massive internal storage. 512GB will be more than enough if you get a high speed TB4/USB4 external drive as a "working" drive and then cheaper, slower storage for backup and archiving. I believe in minimizing the internal storage to be "lean and mean" with just the OS and apps. With all data storage external, switching computers for what ever reason is much quicker a you only need to restore apps and then just plug in the externals and off you go.

For static Mac storage (not your Air), start with 1 TB SSD, not 512 GB, and then a Time Machine drive of 2.5 - 3x the capacity of your internal drive. If you plan to do drone footage, you might consider an external fast SSD (e.g. Crucial X9/X10) to offload the large video files from your internal drive.