I’m doing all my development in the cloud for the last two years and never had any latency problems whatsoever.

And it’s not about feature comparison to a laptop, even with a keyboard as MacBook Air M2 is better and cheaper than iPad. But easy content consumption, taking notes, sketching, writing, and many others. It’s just more fun than a heavy laptop. But yes, it’s not for everyone as using it full-time requires a change in personal habits. There’s also not much pro apps, but for now you can produce videos, music, cad designs, web design (figma, adobe, serif), so it’s not so limiting as it was years ago.