I don't think Mac sales are down primarily due to internet drama like slower flash storage or expensive ram upgrades. In that regard, I don't think that lowering prices will meaningfully raise sales either.
We see this in Apple's marketing language where they keep comparing their latest Macs to older intel and M1 devices. Rather, what's more likely is a combination of the M1 Macs being so good that people simple aren't looking to upgrade anytime soon, plus the pandemic pulling forward a lot of sales (if you bought a Mac in 2020-2022, you are good for the next 5-7 years). That or users may be holding out for a form factor that doesn't yet exist, like a true pro-level iMac (because the next best successor is a pretty pricey Mac Studio + studio display combo).
I don't have a ready answer to this, except that this may represent the new normal (the even the entry level Mac is good enough for the majority of users) and that only time may eventually lead to them upgrading. Right now, I don't see a mass exodus by Mac users to windows PCs either, so it seems similar to the state of the iPhone where people are simply holding to their devices longer, and I guess that's not entirely a bad thing?
It may be another 2-3 years before Mac sales start picking up again, as the initial batch of M1 adaptors start looking for the next replacement.