Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
I upgraded from the 2021 12.9 to the M4 13" but a big driver was getting an upgrade for my wife's Air 2 - she happily took the 12.9 + MKB. But I'll usually pass on older iPads to family members if I see something in the new models that really interests me. Having the M4 13", the next update will be a long way off; I can't think of anything that would really compel me on the h/w side.
 
Every two to three years I get a new iPad. I use the iPad a lot so I’m motivated. Plus I like to pass along the older one while it is still rather new. I give it to my wife or other relatives.

If it was just me I might keep them longer.
 
I upgrade every four years; coincidentally, today. I pick up an iPad Air M3 and will trade in my iPad Air 4 that I bought in May 2021.
 
Mine does, but I don't do "power user" stuff on it. Some web browsing, a few apps, a little simple word processing, listening to music, etc., and it's my tv screen sitting next to my iMac when I'm 'kind of' watching sports or something and don't need it on a big screen.

Apps all open quickly and work fine, but I only get about 4-5 hours out of the battery and it can't upgrade past 16.7.11. I never have a lot of tabs open in Safari, but switching between the 2-3 tabs I might have open doesn't give me any problems.
Just like performance was the issue with 32-bit iPads (or the Air 1), battery life has been the issue with 64-bit iPads after enough iOS updates.

It’s a bit of a shame because it affected the final devices with the 9.7-inch screen design. I value them because they were the final iteration of Apple’s original idea for the iPad (both the 9.7-inch iPad Pro and the 6th-gen iPad). The 9.7-inch iPad Pro specially, it had every feature which some iPads even lack today, but battery life was significantly affected.

Even on iOS 12 it is significantly worse than it was on iOS 9.

But at least for me, like I said, iOS 12 is a little too incompatible nowadays. I will probably find some use for it, but it won’t be used as much as I used it these past 9 years.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.