What corners do you think they'll cut for the SE. I think extremely low storage might be a possibility, given the recently refreshed base iPad; evidently, plenty of people buy 64 gig tablets.
Maybe 64, 256 options? A clean doubling of the iPad, de facto SE options.
I'm sure that many will laugh at the idea of a 64 GB storage laptop, but it's worth mentioning that this is a forum of mostly enthusiasts, and many others have different use cases than us.
iOS + cache/tmp uses around 10-12GB with iOS itself taking around 5-7GB. Even now, it's easy to feel the crunch with 32GB. With Optimize on iCloud Photos and App offloading enabled, my mom's old 32GB iPhone SE1 was usually down to ~1GB free space (that's pretty bad for SSD health).
Big Sur uses 30-40GB by itself. I reckon 64GB is a non-starter. Performance with the reduction of parallelism in NAND would suffer as well (64GB would very likely have 1/4 the sequential speeds of 256GB).
Yes, storage is cheap. I can buy a 1TB NVMe SSD for $100 yet Apple charges $400 for 768GB (1TB - 256GB) more storage.
And yes, we'll probably see slightly cheaper Macs. However, I highly doubt Apple is gonna pass on the full cost savings 1:1 in their MSRP. Much like they do now, they'll leave the heavy discounting to retailers.