I'm not talking about i3/i5/i7, but rather U/Y/H. This letter determines the TDP (thermal design power/point) them machine is designed to run at. The TDP will govern the setting for the base clock speed, and, just as importantly, the throttling behabior under load.
Processor series TDPs are Y: 4.5W, U: 15W, H: 45W.
The new MacBook Air appears to have a Y series processor, like the MacBook, which means it will be aggressively throttled to keep power consumption and heat generation low.
Practically, that means that the new Air will not be capable of running sustained workloads much above its base clock speed, which makes it unsuitable for many programming-related tasks.
The Pro is still a much better choice for programmers. The 13 is suitable for many things, but the 16, with the H series processor, is really preferred for computationally intensive work.
You can get away with this machine if your workflow primary involves a text editor and remote servers, but otherwise I would still opt for the pro.