iPad Air needs a rework. It's not differentiated enough from the 11" Pro, it's just confusing at this point. I'm guessing this comes down to their release schedules being staggered - ie, this 11" Air should be compared to whatever the next 11" Pro is (likely M2+MiniLED?).
The chunky Mini is pretty damn cool though. Seems to come in at US$900 cheaper than a similar-spec Macbook Pro (M1 Max 10/24, 512GB SSD, 32GB RAM), and should have better sustained performance due to improved thermals. Granted, you don't get a trackpad, keyboard, camera, microphone, speakers or screen... but it's likely that you'd have to budget for those even if you got the Macbook, assuming you wanted to set up work space for it.
If the announced monitor had been cheaper (so the cost for Mac Studio + Studio Display were closer to the Macbook Pro price) the setup might've been more appealing. At its current price, the monitor reveal was disappointing. HDR and 120Hz seemed like a given, now that their laptops and tablets and phones have them.