I wouldn’t "way cheaper".
A baseline Neo with 256GB SSD is $599 vs the first M1 MacBook Air with 256GB SSD was $999 ($1,251.09 in 2026 dollars)
A Neo with 512GB SSD is $699 vs the M1 MacBook Air with 512GB SSD was $1249--that's $1,568.38 in 2026 dollars.
So this is a big deal; the Neo is the first Apple Silicon MacBook where the starting price is less than $999.