Should not matter if it is a 11 or 13 inch model. The switches are the same. Mine does not wobble on my 13”. I have looked closely and it can move a tiny, tiny bit within the cut out on the iPad for the switch. Wobbly, no.
My M1 iPad Pro had a wobbly power button. They are considered "within tolerances" unless it's really loose. It annoyed me at first, but I got used to it and used that iPad for years. My M4's power button is tighter.