Thunderbolt 3 (USB-C) to Thunderbolt 2 Adapter
Will this adapter allow my 27” Thunderbolt display to work with a new Macbook Pro that has the M1 chip?
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if this description form EveryMac.com matches your display exactly:
In addition to the built-in Thunderbolt cable, the display also has a built-in MagSafe connector that charges a Thunderbolt-equipped MacBook Air or MacBook Pro.
Then YES, that adapter will do exactly what you need.
That adapter support genuine ThunderBolt displays ONLY, and no others can be supported, even with adapters.
if THIS is your display, then NO:
a convenient single cable with three connectors (Mini DisplayPort, MagSafe, and USB 2.0)