I think it depends on the market. The studio for example is a very nice machine for many creatives who are looking for a compact and silent machine to do photo/video work. It's also a great computer for web devs who don't really need the GPU. As to other uses (especially GPU-focused ones), the value of current AS desktops is indeed dubious, at best.
I do think that Apple has some space to grow from here. They have two main strength as I see it: very capable entry level graphics and large GPU memory capacity. Just a few more hardware iterations and they could offer a very competitive platform for local ML development, for example.
Apple has had an equivalent of tensor cores since A14. Their GPU ALUs have hardware support for calculating matrix products, just like Nvidia or AMD does. I don't quite understand the details of Nvidia's implementation, and they have higher matmul throughput per ALU, but I think this is an area where Apple can show some improvements with relative ease. Already M2 brings native bfloat16 matmul (I don't know whether the throughput has improved relative to FP32 or not), future hardware iterations can bring additional improvements.