The primary differences between the Air and the current Pro (11") are really as follows:
Promotion 120Hz display (which side by side is barely noticeable to me)
Quad speakers vs. the dual speakers on the Air (The Air speakers are fantastic, but the ones on the Pro do indeed sound a bit better)
M2 chip vs the M1 chip in the Air (slight speed bump, but makes no difference in real world use)
Base model has 128GB storage, vs. 64GB base on the Air
That's really it- so it's up to the buyer to determine if it's worth the $200 bump to get the Pro over the Air. However functionally, with the M1 chip and 8GB RAM, the Air will do literally everything that the Pro can do as far as power apps and heavy multitasking.
As others have said, even the other iPad versions are not far behind in performance. I am testing a 9th gen (with the A13 chip and 3GB RAM) side by side with an Air 5th gen currently (with plans to return which ever one I don't want to keep), and opening common apps and websites that I would use, and performing common tasks in those apps is either identical in speed between the two or there is a millisecond difference in how long it takes on some of them on the 9th gen. It's really amazing how over-powered the M1 and M2 chips are for what can really be done software-wise on iPads.