My first thought on reading about the frame drops was maybe this was an SSD issue but further digging reveals the M2 model has a smaller heat sink. It sounds like at the top-end levels the M2 is throttling performance due to overheating risks.

There has been noted performance differences between the single-fan M1 iMac and the dual-fan model owing to thermal throttling so this is likely the case here.

Like you say, this doesn't matter for 99% of users because nobody buys the M2 Air for hardcore video editing. This is also probably why we've never had Final Cut released for the iPad.

A bigger concern is whether Apple will ditch the fan in the upcoming M2 Mac Mini in an effort to make the chassis smaller. They could probably get away with an Apple TV-sized device but the throttling it would receive would make it a poor upgrade over the M1.