First Apple product I've purchased since the 2005 iPod Video. It does live to its hype for publicists/designers: Ridiculously powerful/optimized device for its form factor, P3 color calibrated 120Hz display covered by laminated glass, and with the support of software like Nomad Sculpt, Affinity Photo/Designer/Publisher, Procreate, DaVinci Resolve, Pro Tools and Final Cut Pro.
I think the only thing we're missing is a hard-surface modeling package like Blender, and actually usable IDEs like JetBrains Rider, but this thing which is the size and weight of a magazine is already an amazing professional toolbox.
As a photographer who also did some video services, I simply cannot imagine doing work on that tiny screen and limited storage space without a full blown OS. I don't know how some of you do it.
It's super easy and comfortable, actually. The only thing that might bother me a little is iPadOS, which has been a little buggy lately. Otherwise, 13 inches of screen and storage isn't an issue at all.
The screen is not small IMO. If it is for you, you can hook it up to an external display via USB-C to USB-C/HDMI or wirelessly via Airplay and basically turn it into a laptop/desktop with all the bells and whistles like external sound cards, keyboards, mice, external displays, MIDI instruments, microphones, HDDs/SSDs, etc.
I went for the 256 GB model which always has 100+GB of free storage because I always archive the finished projects onto either cloud or my own server, and delete them from my PC/iPad. Storage has never been an issue for me for as long as I can remember, but the iPads go up to 2 TB of internal memory.
I think that my only frustration with this thing is that it has the same hardware as the iMac/MacBook, and only because of the OS I can't install desktop programs on it. In your case, what part of a full-blown OS would you miss if you were to use an iPad to edit photos?
I work on two 30"+ monitors; 11-13" for a secondary machine is fine, but if it's my main I want bigger, and if I'm hooking all that up I might as well work on a desktop system that has a much higher TDP limit; power and flexibility-wise I don't think a tablet is something I'd be happy to settle with. This is before I get to the OS even, where I don't like not working with a full-fledge file system and a command line. And proper multitasking too.