I'm in a similar position. I have a 2018 iPad Pro 12.9, and want to upgrade. However, after much debating I had to admit that the old iPad is not keeping me from doing anything I 'need' to do. So I've decided to wait until the M2 iPads come out, at least for now. At least for now. There is no reason not to get the M1 iPad, other than I don't want to get caught in that (if I'd just waited another x months) moment of regret.
Not that I spend much time regeting those decisions. I buy my new devices based on what they do, not what the might not do in the future. The M1 iPad is a great upgrade that would be sure to take me years in the future. I'd love it. But since my current iPad is not causing issues, I can afford to wait.
There are a couple of things I'l like to be able to do with it, but since I also own an M1 MacBook Air, I can do those things there instead.
BTW, the various screen sharing, monitor extending, and other continuity features between the iPad and Mac are an awesome bonus when you own both. No enough to buy both if you don't want both, but great when you do.