But the PPI is still higher than the Apple Studio Display (218), which also lacks ProMotion and miniLED. So think of the M2 display as a mini Studio Display.
Btw, until Apple or LG puts out an external monitor that has equal performance of the M1 MBPs (MiniLED or OLED levels of contrast, 200+ levels of PPI, and 120Hz ProMotion), I've decided to stick with what still works for me in laptops by upgrading to the brighter M2 MBA.
Seriously been reading way too many comments by MBP and iPad Pro owners getting so spoiled with their incredible displays, to the point where they get turned off using anything else. And it could be a while before Apple or LG is able to equal that in a 27" or larger external form factor. Sure, the next generation of the Apple Pro XDR display will likely have such capabilities, but it will probably be the only game in town for a while. And as before, it will be serious $$$. I don't need to make that kind of investment, for the work I do with my Macs.
And yes, I do stand close enough to my external displays while using to notice the difference in PPI. In fact, when I first tried out a 24" 4K LG UltraFine monitor for Macs, I immediately noticed the inferior difference versus what I experience on my MBA display, to the point where it became a distraction. Only after I researched a little did I learn that 24" monitor unfortunately has a much lower PPI (186) than other displays designed for Macs. Hence why I only use a 21.5" 4K UltraFine (219 PPI) and a 27" 5K UltraFine (218 PPI) currently.
So just like when folks get used to a higher screen refresh, once you get used to a higher PPI, it's tough to go back.