Earlier quoted context omitted.
Probably not because they will compare the M4 to the M2 (because M3 owners are less likely to upgrade).
Oh come on. They will compare to whatever makes their product look good.
The largest expected number of potential buyers equals "the probability of upgrading when properly advertised to" * (multiplied by) "the total number of macOS users currently owning the hardware of the generation in question".
Where "the probability of upgrading when properly advertised to" depends on how big the jump is, not only in performance, but cumulatively with every other change made to the product. It also depends on how old it is as people are more likely to make another expensive purchase if the previous one was long time ago, just distributing financial burden over time.
And where "the total number of macOS users currently owning the hardware of the generation in question" is merely measured as Apple has direct access to those statistics at any time.
For instance, perhaps the probability that an M2 user will upgrade is only 10%, given how recently M2 released, and how small the difference between M2 based products (as a whole, not just performance of the SoC) and M3 based products is. And perhaps there is 10 million of M2 users. Expected number of potential buyers is 10M * 0.1 = 1M.
Then perhaps the probability that an M1 user will upgrade is 30%. And perhaps there is 20 million of M1 users. Expected number of potential buyers is 20M * 0.3 = 6M.
Then perhaps the probability that an Intel user will upgrade is 40%. And perhaps there is only 10M of Intel users. Expected number of potential buyers is 10M * 0.4 = 4M.
Therefore: most focus is given to comparing to M1. Second tier amount of focus (only mention in speech occasionally, and show on charts) is given to comparisons with Intel. And third tier amount of focus is given to comparisons with M2 (never mention in speech, but do show on charts). Give 0 focus to anything else to keep the total amount of information presented manageable and avoid getting negative results by confusing and overloading people.
There is nothing malicious here. Just practicality which in this case, dare I say, benefits not only Apple themselves, but their users as well: those who are most likely to feel the need to upgrade as is will receive the most direct and clear information on what they will get out of it.