I think it'll be both - announce the mac, take preorders, and then release Monterey in the meantime.
If there's a delay, it's likely supply chain or transit issues. I think that's probably what kept the watch from releasing with the phone. All those macs will need space on planes, and logistics right now are horrible...and that assumes you can even get the parts to build them.
Planes may not be the problem.. In fact, I would surmise that planes would be the easiest to resolve. Here's why.
Like the iPhone, Apple could use their choice of carrier to get the Mac shipped to the US. They won't have a problem with space there. But as there is essentially a 4th carrier they could use (they already use DHL, FDX, and UPS).. and that is Amazon.
Seeing that Amazon sources in Macs to sell directly from their site and warehouses, Amazon would either have to pay extra to compete for the same space on a UPS, FDX, or DHL flight to get the Mac to their warehouse, or pay Apple to ship it to them, and pass on the cost of shipping as a markup to the customer.
But that's not Amazon's flow.
Seeing that Amazon has their own fleet, it would make sense to Amazon use their own jets to fly the Macs directly to their warehouses, and send them out from there. From there, the Walmart Effect takes effect: while every other line in the distribution chain gets their cut of the money for the product, resulting in further markup to the customer, Amazon can sell it directly for a few dollars less than the competitor, thereby undercutting their competition, and profiting from not having to fork out money to those additional lines in the distribution chain.
That way, Apple effectively uses Amazon as their 4th shipping carrier, gets their products sold, and solves their logistics problem.
BL.