There are certainly use cases where the iPad can replace a laptop computer. In my case, I don't do art, but rather handle a lot of email, scheduling, and review/annotate documents that other people prepare for me (using the pencil). I got rid of my 11 inch MacBook Air and used the iPad instead for these tasks. It's been great.
had an ipad before because iphones sucked for gaming (3.5-4 inch to game??? come on). (had an iPad 2 & ipad mini 2)
iphones became bigger and i used ipad lesser for a plused sized phone. (IPhone 6S + and iPhone XS Max)
now i'm seeing the tendency to come back to ipad again after they did some breakthroughs.
sure the prices are a little bit higher than normal, but the performance itself is worth justifying the increase because then it allows a bit of leeway to slow down over the many years. preordered mine and can't wait. given my mini 2 lasted almost 5 years, and still fast with iOS 12 without even getting it serviced, this new ipad should last even longer than that.