That's not missing the point, it's being realistic. While it has it charms, most people aren't going to be swayed by those, and as I said before, I think it will be the worst seller of the four models this year.
The 12 GB RAM is nice to have, but 8 GB is totally fine, which is what is in last year's 16 Pro Max. As for the A19 Pro SoC, it's binned, and has the same number of GPU cores as the A19 non-Pro. Furthermore, if you actually need the A19 Pro's advanced SoC features, you're probably going to want an iPhone Pro anyway.
To put it another way, in Jonny Ive design fashion, the Air sacrifices almost everything else in the pursuit of thinness.