I mean... maybe? Local data requirements have gone down in my experience - largely due to the prominence of fast internet, cheap cloud storage, and music/video streaming services. I used to always use 500gb hard drives back in 06/07 to give me some headroom but I don't think I've pushed pass 250gb in the last 5 or 6 years. External storage is also very fast and much cheaper than ordering more on-board from Apple and I think they know this.
If the Air is meant to be the 'budget' option, I doubt they'll bump the storage tiers. I think they'd be more likely to slash a hundred or two off of the price.