For hypergeometric functions of this kind, reduction formulae are generally very difficult as well as series expansions are.
However, just computing, it seems that
$$f(m)=m\, {_1F}_2(1;m+\frac{1}{2};m+1;\frac{1}{4}) $$ is almost a straight line with a slope equal to $1$.
Computing with illimited precision we get
$$\, {_1F}_2(1;m+\frac{1}{2};m+1;\frac{1}{4}) =1+\frac 1{4m^2}+O\left(\frac 1{m^3}\right) $$
Now, if you look here, using your parameters, considering that $\frac 14$ is "small", we should have
$$\, {_1F}_2(1;m+\frac{1}{2};m+1;\frac{1}{4}) =1+\frac{1}{4 m^2+6 m+2}+\frac{1}{4 \left(4 m^4+20 m^3+35 m^2+25 m+6\right)}+\cdots$$ which, expanded as a series, would give
$$1+\frac{1}{4 m^2}-\frac{3}{8 m^3}+O\left(\frac{1}{m^4}\right)$$
For $m=10^6$, the above truncated series would give
$$\frac{16000080000144000114000037}{16000080000140000100000024}\approx 1.0000000000002499996250004999992187515000$$ while the exact value would be $$
1.0000000000002499996250004999992187515156$$
If you want more terms, reworking the expansion of $\, {_1F}_2(1;m+\frac{1}{2};m+1;x)$ around $x=0$, we should get
$$f(m)=1+\frac{1}{4 m^2}-\frac{3}{8 m^3}+\frac{1}{2 m^4}-\frac{25}{32 m^5}+\frac{97}{64
m^6}-\frac{217}{64 m^7}+\frac{2095}{256
m^8}+O\left(\frac{1}{m^9}\right)$$