I initially went with the 2020 11” this past weekend because even though the M1 is considerably faster, I get the impression that most of that power is not utilized for how I use the iPad (high volume photo editing, along with normal media consumption and office tasks). My 2018 12.9 never felt even the slightest bit slow (my main reasons for buying a new iPad were to downsize to the 11”, and secondarily to get more storage).
But in a typical moment of indecisiveness, I returned the 2020 the next day and brought home an M1. For the difference in price, I figured the additional RAM might be useful, and perhaps WWDC might yield some revolutionary change in iPadOS that would take more advantage of the M1 (specifically hoping of more robust multitasking / background app freedom, and allowing multiple audio streams so that my music doesn’t get cut off by muted auto-playing videos on websites). Of course, there’s a good chance this won’t even happen, and even if it does, I’d say there’s still a decent chance that the 2018+ iPad Pros would also get this same functionality.
I’m happy to have the latest/greatest, but at the same time I realize I would have been fine with the 2020. I know this might sound silly, but at the time there was a $100 difference in price, and I just noticed now the discount is $150 — for $100 I figured it was worth it to get the latest, but $150? I think I would have stuck with the 2020 had that been the case then.