Well, this is a new one.
Apple completely changed the way you will enter the recovery mode on new macs.
This will be a very short tutorial :)
The old CMD + R is no more, now to enter the Recovery mode on your new mac with an M1 chip you need to power down the machine, using the finger print scanner, turn the machine back on (push your finger on the scanner), but do not release the finger, keep it pressed until the system will show a message on screen that it’s entering the recovery mode.
That's it :)
As always Enjoy!