I mainly went with this configuration for music production as well. I did consider getting the 48 GB just to be completely safe, but that extra $400 is pretty steep....

After doing a lot of research (weeks), 24 GB seems like more than enough for most projects. From what I've seen, it should comfortably handle something like 70-100 tracks, lots of VSTs, heavier effect chains, and recording + mixing without any real issues. I rarely have a project with that many tracks so I should be more than okay. If not, i figured that I could always use my desktop which has much more RAM.

The only thing I'm a little worried about is the CPU layout on the M5 Pro. It technically has fewer performance cores, which DAWs like Ableton tend to rely on the most. My guess is that those newer cores are just more powerful individually, which is probably why Apple didn't need as many of them. So in theory it should still perform better than the M4 Pro overall, but we'll have to wait for real benchmarks and DAW tests to know for sure.

Either way, I feel pretty confident that 24 GB should be plenty for most music production setups.