Is the use of punctuation appropriate here?

"For most people football might just be a game, but for me it is a way of life" is just fine, but you could even leave out the remaining comma.

The first and last commas in the first sentence are wrong. The test here is if you have a comma not followed by a conjunction, the offset phrase ought to be detail, and not strictly needed.

That might render "For most people it is a way of life", which is clearly not the intention of the original sentence.

First, let me add a number to each comma in the sentence.

For most people,(1) football might just be a game,(2) but for me,(3) it is a way of life.

Actually, there are precise rules about using commas. See A Guide To Proper Comma Use - Business Insider

Contrary to popular belief, commas don't just signify pauses in a sentence.

In fact, precise rules govern when to use this punctuation mark. When followed, they lay the groundwork for clear written communication.

The 2nd comma is OK. Because "For most people, football might just be a game" and "for me, it is a way of life" are both independent clauses.

1. Use a comma before any coordinating conjunction (and, but, for, or, nor, so, yet) that links two independent clauses.

Example: "I went running, and I saw a duck."

Then it comes to the 1st and the 3rd comma. Consider this sentence:

For most people, football might just be a game.

I believe "For most people" is an adverb clause according to What are Adverb Clauses? Examples & Exercises:

An adverb clause is a group of words that is used to change or qualify the meaning of an adjective, a verb, a clause, another adverb, or any other type of word or phrase with the exception of determiners and adjectives that directly modify nouns.

According to this page, an adverb clause is a dependent clause:

A dependent clause is a group of words with a subject and a verb. It does not express a complete thought so it is not a sentence and can't stand alone. These clauses include adverb clauses, adjective clauses and noun clauses.

Now back to my first reference, A Guide To Proper Comma Use - Business Insider:

2. Use a comma after a dependent clause that starts a sentence.

Example: "When I went running, I saw a duck."

A dependent clause is a grammatical unit that contains both subject and verb but cannot stand on its own, like "When I went running ..."

Commas always follow these clauses at the start of a sentence. If a dependent clause ends the sentence, however, it no longer requires a comma. Only use a comma to separate a dependent clause at the end of a sentence for added emphasis, usually when negation occurs.

So, there should be a comma after "For most people" and "for me".

So, all of the 3 commas are OK.