Keyboard options (which may or may not be better, depending on your opinion of such things), laminated display, P3 color gamut on your display, the speed of M3 vs. A16, Apple Pencil Pro support vs. Apple Pencil 1st Generation Support (since both support the USB-C Apple Pencil and neither support the 2nd Generation Apple Pencil), a 13-inch display option (though, if you're only interested in 10.9/11-inch iPads, that's a moot point), Apple Intelligence (for whatever that's worth), Stage Manager (for whatever that's worth), the ability to run Final Cut Pro (for whatever that's worth), faster USB-C transfer speeds, Wi-Fi 6E instead of 6, and a 1TB storage capacity (if that's something you really need on your iPad).
There are definitely features on the Air that the standard iPad doesn't have. Whether you have a practical need for any of them is a completely different discussion.