In a sense I just can't see Apple utilizing a hole punch design when they are a company that somewhat insists on being distinguishable from their competitors. Like, the "notch" is a significant look that is outstanding enough for one to instantly name that being an iPhone - regardless of it being good or bad in 2021.
Doing away the notch and bringing in a hole punch design, while it would be impressive to see how they combine the FaceID sensors all together and it would be more than cool if that comes true (unless they ditch this authentication method entirely), it doesn't really make sense to me when doing so would blend Apple right into the rest of the market with nothing special to identify the company's product instantly.