I have the iPad Air with the same M1 chip and it’s such a disappointment for this exact reason. It literally has the same SoC as my MacBook, but is basically useless for most productive activities I’d like to do with it. (And even goes slower at the tasks it can do!) It really highlights just how awful iPadOS is compared to MacOS.
Curious, is that with Apple's own apps or third-party ones? Or is this specifically because of how iPad-based workflows work?
The 3rd-party apps often come with SDKs which phone home just to initialize, that's where big startup times come from usually.