I believe that Wolfram Player for iOS has essentially a complete implementation of Mathematica running on iOS. At various WTCs over the years, I have seen Mathematica working on iPads. The main issue is tweaking the UI to handle touch. This issue would be gone with ARM macs.
Wolfram has already implemented Metal for graphics (replacing OpenGL), and I think that it would be possible for a small team to make use of all of Metal for neural networks, and even parallel processing using GPUs. I looked into doing this, and while it is beyond what I can do by myself, it is certainly do-able.
I only use the cloud app occasionally, due to the lag and the crippling of interactive graphics, necessitated by the round trip to the cloud, of course. Not everyone has broadband all the time, so this is not a viable choice for 'serious' work.
Wolfram Research figured prominently in the WWDC that introduced the transition to Intel. Theo Gray and Rob Raguet-Schofield took part. It would be great if Wolfram were able to take part in this (rumored, but quite likely) transition to ARM. Remember that Wolfram was alone in the major CAS platforms who stuck by the Mac in its darkest hour.
My feeling is that if Apple makes the transition from Intel to ARM, Wolfram would have an incentive to deliver Mathematica to iOS, or iPadOS. We already know that it is technically possible, so the only issue would be with licensing and App store policies. Since Wolfram essentially gives away Mathematica for Raspberry Pi, I think that it would make sense to license Mathematica for iPad for non-commercial use. Professional users will still want the extra resources available with a laptop or desktop -- at least I would.
Some might say that Apple is still a minor player in the PC business. However, if you add in the iPad to the MacBooks, iMacs. etc., Apple is now a major player. With Catalyst, developing for macOS and iPadOS is now much easier in the past. It seems to me that Mathematica for iPad makes a lot of sense.