We likely will, but not for a long time. The next time Apple shifts to a dramatically new node, instruction set (I’m sure they’ll eventually go to a proprietary one), or some combination of the two, we’ll see a bigger jump. Otherwise we can expect to see similar jumps to the annual improvements in the A-series.
Keep in mind that when Apple moves to 3nm for the M3 it will result in some combination of both performance and efficiency improvements, and Apple is likely to lean more towards efficiency, meaning the chip will consume less power and generate less heat.
Also, throttling isn’t a massive concern with the Air. Its customer base primarily won’t be pushing it to its limit (if you are then the MacBook for you is the Pro), and the chip scales wonderfully to small and large workloads, so if you do nothing more than simple productivity tasks you won’t notice any throttling at all.