On raw performance might, the M4 really does live up to Apple’s promises, should deliver. Single core is up about 20% compared to all M3 chips and more than 40% compared to M2. The generational computational leap from the previous M2 iPad Pro is at least a 42% jump on single-core and multi-core.
Whoever can afford this can already afford the laptop alternatives. My guess is that this will be a convenient “nice to have” item whenever bringing along a tablet over a laptop feels like less of a hassle.