This is an incredible piece of hardware, I just don't know what to do with it

how is music production on it these days?

I really like this setup:

iPad + Korg microKEY-37 + KORG Gadget 3 + all a bunch of KORG apps

No subscriptions. Keyboard is wireless but no noticeable latency. In my workflow I pretty much never need more keys but if I do I just use a MIDI adapter and plug a larger keyboard.

KORG apps go on 50% sale several times every year.

GarageBand is fun, and capable of making surprisingly complex music. Logic Pro is also available on iPad now, but it's only available with a $15/month subscription, so I haven't tried it.

For artists, there are a lot of good tools: Procreate, Art Set 4, Adobe Fresco, Artrage, etc.

It runs PlugData, the plugin version of Pure Data! You can easily bring down the best iPad processor with the circuit~ object. ;)

Still subpar, only real DAW available is Logic Pro, the audio stack behaves differently than macOS, no support for VSTs but has support for the AU format.

A friend who I make music together had an iPad that we tried to add to the setup, in the end after some months we chucked it aside and just got a MacBook for our shared studio instead.

Drawing on it is incredible, reading papers work well also but a folding phone is better.

I had the same problem with my M4 Pro. So I sold it.