Realistically, it's rare that any product gives a dramatic bump in features from X to X+1. People say the same thing about iPhones all the time. Annual bumps in specs tend to be quite incremental. 10% or 15% is hard to perceive or value. But there was a recent thread here where someone was complaining bitterly about the lack of macro focus capability in the iPhone 12 series (and earlier). I suspect the addition of macro focus for the new models is a big deal for them (well me, too).
Believe it or not, most people don't go from X to X+1, they go from X to X+2 or X+3, or beyond. The cumulative effect of several years of small bumps can be substantial. I'm really looking forward to going from a true "X" (iPhone X) to X+4 (iPhone 13 Pro). The change in cameras is substantial. Ditto for when Apple releases a 27-30-inch iMac with M-series SOC, which will replace a 27-inch Late 2013 iMac. It'll be a dramatic change in many ways.
Of course, in the case of going from nearly any Intel Mac to its M-series counterpart, even an X to X+1 is likely to seem dramatic, but how often does system architecture change so dramatically from one year to the next? Motorola to Power PC, Power PC to Intel, Intel to Apple... so just three times in the history of Mac.
On the other hand, my 12.9-inch iPad Pro First Gen is still doing just fine for me, so the X+4 (Fifth Gen), although clearly an improved and changed product, doesn't offer me anything I've been yearning for. I could dismiss the 5th Gen a "lateral move" because it isn't a step up for my needs, but it doesn't mean the product has gone unchanged.
The whole "lateral" thing is a matter of perception. You value things that you want, you dismiss things you don't. I'd like to "move up" to another position with my employer. However, my employer considers that particular move to be "lateral." In a sense, it is lateral - the pay scale is the same, the level of authority and responsibility is the same. However, I'll need to learn/add new skills, and it will open opportunities for me that don't exist in my current position. So for me, the "stretch" and the opportunities make it a vertical move. To another person in my position those same "verticalities" my not seem to be a step up at all - they may agree with my employer that it's totally lateral.