This new Apple TV 4K should have used an A12X Bionic and not the A12, as the A12X Bionic is the true successor to the A10X Fusion (see 2017 iPad Pro and 2018 iPad Pro). The A12 is barely toe to toe with the A10X, synthetic benchmarks aside. A12, first seen on the iPhone XS and XS Max pale in comparison to the iPad Pro with the A12X and even the iPad Pro with A10X. This is repeated again with the 3rd Gen iPad Air from 2019.
One of the substantive issues is the 2021 isn't 2017-2019.
tvOS has be coupled to HomePod OS. tvOS more tightly coupled to iOS (and their being no iPadOS) meant that the AppleTV 4K and the iPad Pro weren't that apart in SoC usage.
Apple has shifted since 2017-2018 context. AppleTV isn't the exclusive steamer provider of AppleTV+. Are there any decent TVs sold anymore that does not have a SmartTV OS varaint in them? Apple Aracde has more clearly shown were it does and doesn't have major market driving traction.
The first three things Apple highlights on the AppleTV marketing page are
1. TV/media streaming abilities. ( it is AppleTV ... if can't do "TV" why is in the name. ).
2. Apple TV service add on. ( gateway to reoccurring services revenue. )
3. Apple Fitness ( yet another revenue stream. )
4. Apple Music ( see above )
5. Apple Arcade ( see above but finally have arrived at A12X grunt differential making any material product segmentation difference).
6. HomeKit ( not a service but pragmatically equal between A12 and A12X )
In the year ( or 18 months) where the consoles Xbox and PS do a major refresh . Before refresh they can get away with making comparisons to the lower end of the aging line.
"... A12X during
its presentation announcing the product: that it has twice the graphics performance of the A10X; that it has 90 percent faster multi-core performance than its predecessor; that it matches the GPU power of the Xbox One S game console with no fan ..."
Apple’s Anand Shimpi, Phil Schiller talk silicon—”This is really an Xbox One S class GPU.”…
arstechnica.com
I think in 2021 that looks more like early coaching of the position of why someone should possibly accept an iPad Pro SoC running their 4.5K display iMac.
If within 12 months when Apple rotates the A14 out of the front line iPhone deployment, they could rotate this A12 AppleTV product into the position that the AppleTV HD is holding now ( at that not quite as high ) price point. I suspect the AppleTV is completely off the X variants, because the X variant is gone. Entry macs and iPad Pros are probably going to stay on the same instance going forward. Which means a stripped down mini might be a longer term option but probably not labeled a "TV" product. Jumping to even number A-series in non first tier iPhone/iPad deployment lets AppleTV bowwave off of that volume.
The TV streamer markets means keeping up with hardware decoders. The phones will probably get stuff like AV1 (and whatever else comes down the road first) so coupling to the that SoC development stream for AppleTV makes more sense.
I don't think Apple got major data indicating that gaming all by itself was going to dig Apple out of the unit sales hole the AppleTV is in. Home integration, ecosystem integration, and riding the TV services probably have more traction.