Spot on!
Back in the nineties, Intel managed to push competing RISC architectures (UltraSparc, MIPS, DEC Alpha, PowerPC) out of the market using nothing but promises that Itanium was going to blow them all out of the water.
And apparently Apple is okay with procrastinating and cannibalizing current sales of M1, 2, 3 if it helps prevent some Snapdragon (or Ampere) sales.