I don't think it'll be particularly low-end.
If you look at the history of the MacBook and MacBook Air together, it's pretty clear that Apple expected to eliminate the MBA as a product category years ago; to just have "MacBook" and "MacBook Pro" categories. This was probably due to them believing Intel's roadmap for chip releases, such that they thought they'd be able to hit MBA-like performance targets in the MacBook's form-factor. But Intel's roadmap didn't pan out, and so Apple had to turn around and build more MBA-form-factor devices to hit those performance targets. Eventually, the MacBook went so long between releases that they just eliminated it, and redesigned the MBA a bit to cater more to the people who liked the MacBook form-factor (without really making the MBA any lighter, just smaller-seeming.)
All the MBA computers since 2015 "should have been" devices with a MacBook form-factor and MBA-level performance. Right now, that'd mean an ultralight with a CPU matching or surpassing the performance of the https://www.cpubenchmark.net/cpu.php?cpu=Intel+Core+i7-1060N... (which is the highest-specced option for current MBAs.)
Such a computer, if released today, would be impressive, no? It would redefine the MacBook (Air) category to be Apple's primary Mac product line, satisfactory for almost all workloads (in the same way that the iMac has been redefined to be the primary desktop Mac, satisfactory for almost all workloads.) In that world, the MBP would be relegated to halo-product status, akin to the current positioning of the Mac Pro. In Apple Stores, you'd have three differently-sized MacBooks, and then an MBP off in a corner where looking at it for too long summons an Apple Business representative.
I don't see how that's not already "going big" or "making a statement." It'd demonstrate that their Apple Silicon chips can eat Apple's own lunch, with their new mid-range Apple Silicon devices beating their old high-end Intel offerings in price:performance, even before Apple Silicon high-end chips get designed to truly replace them. The Intel MBPs, even brand new, would be immediately branded as a "legacy" category, outmoded even before replacement, only to be purchased if necessary for a specific business use-case.
(Before you suggest: no, I don't think Apple would be Osborning their Intel products if they did this. Businesses and freelance professionals would, for the time being, still have plenty of such "specific use-cases" for an Intel-based MBP. Apple also has lots of enterprise customers locked into long-term upgrade contracts, so part of the demand for the tail end of their Intel-MBP pipeline would be fixed/inelastic demand.)