In my opinion, no. The
M2P is the way to go for most usage cases.
The Zoom is not a lot but you give up a lot to get it - it is only a 2X zoom (24-48mm). The aperture is unfortunately not constant (and also not adjustable), so when you zoom mid-flight it drops from F2.8 to F3.8 and you need to return home to change your ND filter if you want to maintain your current exposure, which is a huge disadvantage and major pain in the a$$. If you don't want to swap ND filters, you need to change either the ISO or shutter speed by almost a full stop value which is not ideal, and will create uneven footage during the exposure change if you zoom mid-shot. You are also stuck with a fairly poor 12MP 1/2.3" image sensor (~4 times smaller than the sensor in the
M2P), and that sensor is also diffraction limited already at F3.8 in the 48mm equivalent setting.
With the
M2P you get a 1" 20MP Sony image sensor, constant & adjustable aperture, and 10-bit H265 DLog video capability, all of which are a massive step up from the
M2Z. It also has another trick up it's sleeve regarding the 'zoom'. It has two 4K shooting modes, one called FOV (28mm equivalent) and one called HQ (40mm equivalent). In effect, this gives you a 1.43X zoom with no loss in quality (it actually gets better as it uses a 1:1 pixel readout). So it's not quite 2X, but you get close, along with all the other benefits of the better camera/sensor and none of the disadvantages. If you are also into still photography, the difference is even larger in favor of the
M2P.
Especially with the other drones on the market now like the
Air 2,
Air 2S etc., the
M2Z is IMO the least desirable value proposition in the whole lineup right now unless you are desperate for a 2X optical zoom that still doesn't get you anywhere near a telephoto range.