Nope. There's no way they'll launch a new Air with the same internals. If they're actually thinking that, those people should be fired.
Now.... could it be an M1X that's faster and more capable than the M1 but isn't labelled M2? Sure. The name isn't actually important, but the capability of the chip is very important. Things I'd like to see from a new Air:
14" screen (same size, thinner bezels).
An option to support 2 external screens.
4 USB C ports.
An option to do 32G RAM
really, even more important than raw performance upgrades are capability upgrades. The current Air is limited in 3 ways... 16g RAM, 1 external screen, only 2 ports. Give me a small but reasonable performance bump and fix 2 of the other issues and I'm interested in laying down some ?
I don't necessarily expect all of this (aside from the screen) but I think it would make a more compelling release.