It looks like a binned version with a less powerful GPU. Apple released the 7th generation of iPad mini, which was introduced with an A17 Pro chipset,

Apple has introduced the 7th generation iPad mini, powered by the A17 Pro chipset, which is also used in the iPhone 15 Pro

Apple included a respectable A17 Pro chip, which first launched with the iPhone 15 Pro and iPhone 15 Pro Max. It's the first widely available SoC built on a 3nm process. It won't rival the iPad Air and Pro with their M-series chips, but it's more than powerful enough for most iPad apps to run smoothly.