Yes, I would expect them to have yearly M1, M2, M3, etc consumer-grade SoCs, and then alongside that yearly or maybe less-than yearly X-versions of the current SoC, with features like more RAM, more IO, etc.

So 6 months from now you'll probably have the choice between an M2-based MacBook Air with better single core performance or an M1X-based MacBook Pro with more cores and more max. ram - unless they decide to do the reasonable thing and shift the regular and X versions to the same release cycle.