I don't see how M2 could beat discrete graphics of 5600m on 16" MacBook Pro. I think it will take a discrete gpu or m3 to match the speed, same thing to replace 5700Xt in iMac...Apple is at least 1-2 years behind in terms of graphics performance.
Discrete desktop graphics has followed an evolutionary trajectory that is at odds with most parts of the industry.
The latest batch of desktop chips from AMD and Nvidia (5700xt belongs to the previous one), pull from 250-300+W.
Performance in this segment has to a large extent been bought by increased power draw, which is why the iMacs have down clocked their higher end GPU options to bring them to a more reasonable point on the frequency vs power curve.
The M1 GPU draws some 10W or so in the fan cooled implementations.
Even if Apple is going to provide a discrete GPU (which I'll doubt until I see it), where will it end up in terms of power draw? Will they provide a solution in the 300-500W span? Or will they offer something that can be cooled quietly in a somewhat larger iMac enclosure, say 50W or so?
(Unless they go for the higher power draw solution, I can't see why they would go discrete. The Xbox sx has a die size of 360mm2 and the PS5 310mm2, manufactured on TSMC 7nm and sold for $499 in boxes with 16GB GDDR6 and fast 1TB SSDs and BluRay drives. Given what TSMC has said about 5nm process yields, Apple should have no issues getting good yields on SoCs that would be Very Performant Indeed, and laugh all the way to the bank when people pay their margins.)
I don't see Apple responding to the scaling problems of lithography by increasing power draw indiscriminately, thus I doubt that they will produce GPUs that compete directly with Nvidias 3090 for instance. If that is the "graphics performance" you refer to, it seems likely that they will stay behind. And for people doing desk side molecular dynamics, that's a bit of a pity. But on the whole, it may be the saner path.
We'll see how the chips fall within a year or so.