Those measurements are screen area. The old 11” had bezels that were almost an inch wide on each side. The actual laptop dimensions are almost exactly the same.
I had the 11” dual core i7 and I wouldn’t even call it slow (for its time). Loved that little machine and I keep longing for that form factor but with modern specs.
I was thinking yesterday while reading the Thinkpad repairability story that I would pay an unreasonable amount for basically this laptop in the chassis of an X220, with a 7 row keyboard and Mac touchpad.