Apple officially has dropped mentioning the CPU frequency for these new Macs (just like they don't mentioned it with iOS devices)
It's a great baseline for comparing same-generation computers, though. Without benchmarks, none of us has any idea which is faster, the Air or the Pro, or the 15".
Note they say "latest", not "best". That means that a Celeron 5205U, dual core processor with 1.9GHz, no turbo, no hyper threading, 2MB L1, would be a valid baseline.
Then the top model still ships with a Radeon mobile chip. So... your super duper M1 graphics, not so super duper.