I mean, if someone has demanding video or coding work, they can get more power all the way up to a Mac Studio/Pro so I don’t really understand how they’d benefit when the power is already there?
More power means faster task completion and smoother, more efficient workflow. For people who do a lot of demanding tasks, seemingly trivial benefits like completing something in 30 seconds instead of a minute adds up.
And on the home front, faster performance tends to offer a 'snappier' user experience which is quite welcome. Picture 2 Macs with the same capabilities but one key difference; when you click to open any app. on one it takes 4 seconds, and on the other, the app. pops open instantly. The 2nd Mac will be more pleasant to use and preferred.
Again, I’d ask what do you use your computer for today that you couldn’t use an older Mac with TB2 and wifi5 ?
Today, faster workflow as described above. But many people don't just buy for today; that added power might offer snappier performance that's meaningfully more pleasant several years down the road.
As for TB2, that even affects me. I held off on buying an iMac till 2017 because I wanted TB3 and USB-C connectors. For 6 years, that had little benefit - I had a USB-C SD card reader that was pretty fast, big deal. But then my Fusion Drive went out, and a USB-C external SSD drive was on sale for a great price, and shockingly my user experience is as-good-or-better than I had with the internal Fusion Drive. Holding out for USB-C paid off nicely for me; didn't even need Thunderbolt (which would've cost more).
Lots of people still on Wifi 5, I think, but at the rate 'Internet of Things' households are proliferating gadgets on wifi, that's not the way to go. Add up all the different devices that access your wifi. Now consider apartment dwellers may have neighbors' devices creating interference. Then 3 different people in the house want to watch 4K video streams simultaneously on different devices.
The latest and greatest isn't the right move for everybody, but it pays off for some people.