Yup. M1 is the target version, with finer adjustment and higher adjustment towers.
The M3 is the military/LE version with low profile adjustment knobs and much coarser adjustment (1/2-MOA/click windage, 1-MOA/click elevation); it's meant to be able to quickly acquire and engage human-sized targets rather competitive target shooting.
If you're doing a combat/field weapon and want something realistic looking, go for the M3. I have a G&P one for my SAM-R, well made, has mil-dot ret. I find mil-dot useful for airsoft since it's not really worth bothering with click adjustments at the ranges we shoot at, and given the atrophied ballistics which airsoft exhibits.
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