I mean, yes, but that's not really my point. Ultimately, the day-to-day difference between any of the M-series Macs is probably not going to be that significant to most people. Any of them can last 4-5 years, which is not to say that the M4 isn't obviously the best one to get if you can wait.
I personally have M1 Air and not swayed to replace it at all until it stops holding charge or something. It is plenty fast.
Although by the time M4 Air introduced, it would have hit 4 years and 5 month - so one could think it is time to replace, but i have specific scenarios running on it which new one will not be able to recreate.
Mostly M4 will sway people for other reasons beyond power, which i will agree that will be hard to notice - M1 Air opens this page in 0.5s and if M4 does that in 0.25s, then who cares. For example M4 Air might be the first base model that could run 2 external displays with the internal not in a clamshell so 2+1.
It might also add another extra port - pain point of Air if using more or less professionally. It might add Nano screen to fight glares for upcharge.
Having said that, I incline to not care about all of those cause i have perfectly fine working machine. Worst case i have MBP 14 M1 Pro that can drive 2 external displays for hard use. I probably will have to deal with glare (if Nano is introduced) until both laptops will come to 8-10 years.