The answer is a resounding YES! Eevee is the way to go with Intel GPUs. Sad that I can't use Cycles, but it isn't the end of the world.
When testing I figured out that while rendering with eevee, the GPU performance was at 100%.
The first option is whether or not to use the Metal GPU on the M1. The second option is whether to use the CPU on the M1.
As far as I know, the preliminary support from Apple works with both.
Edit in response to a comment:
M1 is a System-on-Chip (SOC) meaning that the CPU and GPU are both on the same chip, along with other things.
Metal is Apple's name for ...