TouchID plus FaceID would be nice, but pre-covid apple saw FaceID as their "premium" feature and TouchID as their legacy, less secure feature. Given that, it makes sense that the iPhone 12, with a design locked in over 12 months ago, wouldn't have TouchID while the mid-range new iPad Air would retain this feature.
It's fair to argue that you prefer TouchID over FaceTime, but it really is situation dependent. For example, here in a cold weather city, FaceID is much nicer for the winter months.
As for the notch, I really don't care and it seems like most consumers don't either. I'm sure, over time, Apple will shrink or eliminate it, but I don't ever think about while I'm using my phone. Not once.
Also: Apple doesn't design their phones to entice someone from the year-before generation to upgrade. If the average user upgrades after 3-5? years, they are really going after this group. The fact that the new iPhone will also be a new design will also be enough to get certain status-oriented people to upgrade. How could they be seen with an old iPhone?