MacBook Air M5 memory and storage for Python and Xcode?

24GB and 512GB should be fine. Contrary to popular belief coding does not require tons of resources. Python is pretty low in terms of resource requirements.

I use that same configuration on my M4 MacBook Air and it works fine for Xcode though I don't use Python.

You will definitely want an external drive or 2 though for older stuff not actively being worked on and backups.

So if you use Python and Xcode you should already know the requirements. Are you a beginner just looking to get your feet wet? Or are you a full fledged developer?

Always buy the very most you can possibly afford because you can upgrade neither RAM nor SSD storage once you buy that MBA.

The question I have is are you looking to solely develop with Python or also planning Swift, Objective-C, C++, etc. development. Are you developing for macOS, iOS, iPadOS, watchOS, etc., or Web design or something else?