Does anyone Know if Adobe will actually take advantage of the M1 ipad for lightroom classic

One reason Lightroom is on the iPad and not Lightroom Classic, is because Lightroom stores originals in the cloud, like many iPad apps do.

Lightroom Classic stores originals locally, and that is a problem, because although iOS now has hierarchical folders in the Files app, apparently that is not good enough for applications relying on local folder paths like Lightroom Classic does. If you look at other Mac/Windows applications that also rely on local folder paths to referenced files, such as Adobe InDesign, QuarkXPress, Premiere Pro, Final Cut Pro, DaVinci Resolve, etc. …none of them are on the iPad.

The closest you can get to Lightroom Classic right now might be Raw Power. It works like Lightroom and can open files from any folder on an iPad. But…once you do that, it copies the file to its internal sandboxed storage, so you still run into that iOS limitation and end up with duplicate files; it too cannot use file paths the way Lightroom Classic does.

If Apple makes changes to iOS so that it is easier for applications to manage referenced local files outside the app’s own sandbox storage, then you might see more of the applications on that list make it over to the iPad. Until then, you will have to use cloud-based Lightroom on the iPad.

Lightroom for the iPad already exists, but it's not Lightroom Classic. The fact that the iPad runs an M1 processor and the new Macs run the same processor doesn't mean anything, it's the OS that matters. And as iPadOS is not the same as MacOS, it is pretty much certain that there won't be a Lightroom Classic for iPadOS. 

This is a user to user support forum. Anyone here who knows what's coming is under NDA and can't tell you what's coming. 

Or to put it another way: Those who know don’t talk. Those who talk don't know.

If you are asking whether Lightroom Classic will be on the iPad - not likely. What specifically are you looking for and have you downloaded and used Lightroom on your iPad yet?