Mine's an M1 iPad Pro and I specced it up a bit, so even though it's no longer the latest it still has a stronger CPU than my current (2019 vintage :-) desktop machine and more than enough internal storage for me.

I agree that the apps are less flexible, but as a media/content consumption device (ebooks, email, websites, games, and movies - though that last I generally only take advantage of when traveling) it's been great.