With macOS recovery you can restore the operating system or access the disk utility if you need to check the SSD for errors. While the Intel Macs have numerous key combinations that can be pressed at startup to install different macOS versions, Apple has simplified the way to select different options on the new Apple Silicon Macs.
So now you just have to hold the Power Button a bit longer and then simply select the “Options” item. Now you have access to a new installation, the hard disk utility, sharing the SSD and much more. Here are all the options Apple offers listed. The advantage in everyday life is that instead of the many different key combinations, you now just have to remember to press and hold the power button a little bit longer to get to the corresponding options. A nice advancement especially for situations where you are in a hurry.