If you go back far enough in Apples past, you will notice they have released new chips in tired old designs many times before. The models that come to mind stink. The core solo mini, the core duo (not core2 duo) macbook pro, core duo white imac to name a few. It also means this is the new base priced model and all others will come in more expensive variants. They won't be replacing or removing this base MacBook for a few years and then they will lower the redesigned ones price and sell that as a feature while they continue to sell practically the same computer for more than 2 years in a row.
When all is said and done, new models of macs will come in at higher prices than the computers they replace, that is the Apple way. Eventually the lineup will look just like airpods, iphones, and ipads. Old old old models selling as new next to newer faster models of various ages with the top of the line being two or three times the price of the lowest end model they should have replaced years ago with a better redesigned version.