Replace battery on 2020 Intel MacBook Air or get a replacement?

I have a 2020 Intel MacBook Air with over 1100 battery cycles. A replacement battery would cost $159, while I could trade it in for an M3 MacBook for $275, combine it with a student discount, and get that for $725.

Should I favor spending more money on the new computer, especially with Intel MacBooks likely seeing a sooner phaseout than average?