YEP, it sure is.

Just did similar at Christmas except for me, it was late 2013 iMac 27" Intel running Catalina to Mac mini M4 and after 18 yrs from 2007 of upgrading using Migration Assistant, this time I just started with a virgin pre-installed Sequoia and loaded all my Apple app's. Then going deep into Time Machine I retrieved their data one by one, then installed all my third party app's and again from Time Machine their data one by one. This way I have a very clean machine with no legacy junk floating around.

Yes, you will be prompted if you want to use the migration assistant which uses peer-to-peer networking to transfer everything across. You can also select specific bits but its seamless.

Just need to have both macbooks alongside each other.

Thanks chaps that excellent I just picked up the m4 but I will do it tommorrrow

Yep very easy with migration assistant. Might sit there for a couple of hours depending on how much to transfer, but not difficult.

Ok well thanks to you all Migration thingy worked well actually really well was able to transfer the wireless mouse and KB without any fiddling around. So next step (i will look itup) format the old mini and put it up for sale!

Info here to reformat and reintall https://support.apple.com/en-nz/102518?choose-your-type-of-mac=mac-with-apple-silicon 

I was actually working on this one https://support.apple.com/en-lamr/108059

I have a 50gb plan for icloud just figuring how to remove from one mac and not all together 

That's a trade-in program that doesn't run in NZ.

Just go to Apple Menu -> System Settings -> Your Name and sign out of iCloud on the one you don't want connected any more. You've most likely signed the new one into iCloud during the setup and migration process.

Thanks one and all m4 all installed m1 sold to new home! what next.......