I don't know if you've noticed, but Apple did release iPhone SE2 which is an almost-flagship at medium price. An iPad with a slightly different iOS and a cheaper than $129 keyboard (there are $50 bluetooh keyboards that work with the iPad, not by apple, that are comparable to the keyboards that come with $300-$400 laptops), perhaps they'll call it "iMac SE" or "iPad SE".
The processor inside last years iPad is a slower, more limited version of the M1. Apple could, and I believe would, release a cheaper Mac-compatible machine, just like they did with the iPhone SE.
It made no sense to do so before the real Mac switched to apple silicon (Intel's offering are both expensive and inefficient for this use). Now it makes perfect sense. It make take a year or two, but it's the logical progression.
Apple are playing the very long game. Saying "you barely have multiple windows" is indication you are not looking farther than the end of 2021.