I think you're right, but the irony is the segmentation isn't working - in my experience no customer notices this drawback on the Air until after they've bought it. Everyone (quite rightly) assumes a 1000 dollar+ laptop will probably drive two displays in a pinch.
I don't know anyone who went "Ah! only one monitor support!? I better move up the range to get that 2nd display support..." etc. You would really need to get into the weeds on the spec sheets to notice ahead of purchase.
I actually find many more people doing the opposite - choosing to move "down range" to the Air for the form factor, given it still has a great CPU. These power users who choose based on the great form factor get hurt the worst on this.
The M2 MBP also can only drive 1 external display. The M2 Pro and M2 Max variants can drive more. Apple only put two display controllers in the M1/M2 chips which is why they support so few monitors.
It's still for market segmentation but there is a hardware reason.
This limitation is purely artificial/for market segmentation purposes.