i.e UMA ( Unified Memory Architecture ), GPU, NPU stay intact. You are basically getting a M1XX, where M1X is the 16 CPU Core variants.
Consider the current M1, a 32 Core High Performance CPU Core and 128 GPU core would give you roughly 300W TDP Max, excluding all the memory controller and interconnect. A rough estimate is already at 500mm2+ Die Size, excluding NPU and all other bits and pieces, of course assuming the same processing node.
The Old ( Or the recent ) Mac Pro has a Maxed out system of ~910W, that is 28 Core CPU + 2 x Radeon Vega II Duo ( That is 4 GPU ).
We are back to TrashCan Mac Pro again, except it would be even faster than the 2019 Cheese Grater Mac Pro. We would have reached the thermal ceiling again, unless Apple does Water Cooling and push that TDP allowance to 400W.
Remember this M1XX is CPU + GPU TDP. For a PC system, or workstation power users are quite used to 300W CPU + 300W GPU. So I was sort of expecting Apple to be making CPU + GPU design, purely to create a monster as a successor to Cheese Grater Mac Pro. May be they have different Goal in mind, may be they think this is good enough for Mac Pro ( Which certainly is from many perspective ), and obviously iMac.
Same Design, scaling across iPhone, iPad, MacBook, And Mac Pro.
This brings me to the final point, we only have so much uArch improvement we could do, it is now all left to process node and heat dissipation of the system.
We are in the era of TDP Computing.