Yes, it's really this. I wasn't going to buy one at first, thinking that I could wait. It's likely though that the M2 won't be out until the Fall at the earliest and perhaps the best that we could hope for is the M1X at WWDC with products a bit later.
The question isn't really about should I get an M2 mac mini, I probably will. The question is will I feel guilty about buying two new macs this year instead of just one? I suppose I could sell the M1, but if I'm honest, I can't be assed to sell computers, I just move them into different spots.
OTOH, if I buy an M1 mac now, and it gets the job done in the limited role of being my main studio machine, I may not want an M2 mac, which will be more expensive, and I may be able to wait for an M3 mac mini where it might get a redesign that I approve of more.