They can, although you’ll hear plenty of stories about them failing, or people spilling coffee or something on them so they don’t. But a lot of buyers baby their machines, so it’s absolutely possible. Not sure how fast they would be at this point, probably more suited to casual web browsing or streaming services, but they can last awhile.
$1599 for 8gb you can take it up to 16gb for $200, although Apple sells the 14" M2 Pro with 16gb refurbished for $1599 now, which is better because it can support 2 displays, rather than the 1 display the M3 can. And making the black color require the M3 Pro is just typical.