The current configuration does give some RAM flexibility. While the RAM in the M1 is part of the overall package, it is on a separate die from that of the SoC chip (https://forums.macrumors.com/thread...o.2267256/page-31?post=29220991#post-29220991). This allows them to offer variable amounts of RAM without having to produce a new chip. It also has yield benefits, since failed RAM doesn't mean a failed SoC.
But perhaps by extensible you mean a 2nd tier of RAM that is off-package?
My guess is that the M2 (or whatever Apple names the SOC that goes into the Pro Macs) will have a larger die size, which will accommodate more RAM as well as more USB 4.0/Thunderbolt controllers to get those systems above the 2-port limit the M1 has. That processor could also have more CPU and GPU cores, it just depends on how large they make the overall die size for the SOC. Looking at iFixit's M1 teardowns for both the Air and Pro, there is a lot of room already on the logic boards to expand the SoCs footprint without compromising other components.