Exactly. You would be using the device mainly for consumption, and for work, if the workflow is that way.
I think its more to do with the better hardware and software. Using an older iPad with a janky keyboard was a PITA. Now, with Apple embracing this and getting better hardware its improved by light years. Then the software has finally caught up. You don't want one screen only - you might want a bit of multi tasking.
I think the A12X (or arguably the A10x) was the first chip where they finally got to a point where chip performance got at par with mid range PC hardware
So while my expectations were different when i got the device, I soon realized it works very well for - well, work.
So for home usage, for the times where I would use the laptop (in a slightly uncomfortable stance) on the bed/ sofa for say browsing/ reading/ordering, I shifted to using the ipp+ KB instead as the UI experience was more or less the same but the device more comfortable to use.
For work purposes, when doing serious work, I use external monitor + laptop in dual screen mode. A somewhat unusual way I use it at desk is to add the ipad as a third screen .
More importantly, if i need to continue working on emails/ docs but want to get away from the desk, I just pick up the ipad and walk away.
I would not use it when working on something serious - like working on a complex xls - but will gladly use it to review /edit a mail or deck that needs to go out
I would not use it when doing something very involved at home (e.g. tinkering with a linux system over terminal) but will gladly use it for generic home chores - if you see what I am saying.
As for the M1 ipad, I expect it to be a lot snappier than the M1 macbook (which is super snappy to begin with) due to the highly optimized nature of ios
However not looking to upgrade this cycle as the A12X still offers plenty of performance , and some