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Just got a 11" Pro and started using. Cycle count is just 1. Hopefully the battery health will not be degrading fast due to my constant usage.

Looks like you are really submitting it to some heavy usage; as I am mine (my Cycle Count is something like 8) ;)
 
I bought M4 iPad Pro 13” with 38 cycles and 100% battery health a month ago. I set 80% charging limit always keep the battery between around 30% till 80%. So will say how it goes, now I have 47 cycles.
 
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