I'm still happily running a 2017 Intel Air and it does all that you ask right now, but the new Air does look tempting, I'll agree!
Rumour mill being what it is (especially with Apple), its hard to speculate. There is certainly talk of M2 processors due out later this year, but my guess would be that Apple saves that for the Pro line - keeping the 'old' processor for the less-expensive machine like the Air and iPad Pro, and doing that (one step behind) going forward. They certainly don't want the Air to take any trade from the pricier Pro. IF they keep the Air afloat.
As for colour - well, I suppose they could slap some paint around to create some excitement. Especially if the have nothing 'One More Thing' to show off for the Air come the fall.
I mean, look at the considerable energy they are expending advertising the Purple iPhone 12. It's all a 'Squirrel!' moment as they try and keep an interest in the product.
And I wouldn't expect a new Air (if it's still around) until later in the Fall. Probably with the main release of whatever iOS they offer. So can you wait until October / November?