The 2011 laptop was similar to that (i5-2410M) but the one you cite is from 2018. From 2012-2015 browsing for laptop deals to find an equivalent laptop for the same price point wasn't possible, never mind an improvement - I was worried about what to do if mine broke.
And yes the CPUs saw improvements at the same component cost, but actually finding a real laptop with even an equivalent CPU inside at the budget end wasn't possible. The laptops got features in some places, but at a cut processor cost. I'm talking about the lower end of the market (the M1 you mentioned is way way wayyy above there) for people who can afford the bare minimum. As you go up in price you get more options, but the low end was noticeably more difficult to purchase in if you weren't looking for the newer features and just wanted the same benchmarks.
And yes the CPUs saw improvements at the same component cost, but actually finding a real laptop with even an equivalent CPU inside at the budget end wasn't possible. The laptops got features in some places, but at a cut processor cost. I'm talking about the lower end of the market (the M1 you mentioned is way way wayyy above there) for people who can afford the bare minimum. As you go up in price you get more options, but the low end was noticeably more difficult to purchase in if you weren't looking for the newer features and just wanted the same benchmarks.