I went from a fully loaded 2015 11” to the new 13. The new one is a big step up—but I also wish the 11 was still an option. I had two generations of 11” prior to the 2015, so I am definitely in your camp.
One thing worth noting was that price / performance / portability peaked in the 2015” 11” air and has not come close since. So you are right to hold up this model.
The thing is I think we are going to see a very powerful ARM based MacBook that will be a real successor to the 2015 11”.
So I’m treating the new mba as a holdover until then.