Sans the fan actually [0]. Yes, the cooling system got worse for the M1 Air.
The new slightly thicker Pros are great, but their chassis’ are not a significant factor in how they perform relative to the old Intel models.
The new M2 Air is the thinnest an Air has ever been. I bet it will perform excellently as well.
[0]: https://www.ifixit.com/News/46884/m1-macbook-teardowns-somet...