Makes sense to be frustrated. I too would be in your shoes.
Keep in mind Apple sells 25 million Macs per year, so if there’s 75 million Apple Silicon Macs, there’s definitely going to be a few thousand logic board failures out in the wild. That doesn’t mean that even .01% of Apple Silicon Macs get logic board failures—we don’t know.
So to answer your question: is logic board failures common? That depends on who you ask. A Genius Bar personnel is going to say yes because everyone in their city that gets one will make an appointment at the Genius Bar, so it’s a common issue they see. And if you ask someone with a logic board issue they will say, “yes, its common,” because they found uses in alike situations, and so that bias will carry across as feeling common. But statistically speaking it’s likely extremely rare, at least within the first three years of ownership.
I understand Warranty only covers these things for 1 year but it will always be incredible to me that selling products for thousands that turn out to be bricks quite quickly has no additional consumer protections.
If you’re in the U.S., you can thank our government for low consumer protections that favors Fortune 500 over the middle class. I believe you’d be covered in Western Europe for several years past purchase.
M3 Air may come June 4th at WWDC. Can you wait that long? Then do so. If you can’t wait that long, then take advantage of any sales and buy and M1 or M2. If you’re going to be using this Air for seven more years, better it be on the new design and screen improvements of the M2.