Not even indirectly. The M1 MacBook Air is not currently accepted for Trade In by Apple.
You can sell the MacBook Air, and use the money to buy the iPad Pro. You will likely get more for it that way, then what Apple would give you as Trade In if they were taking it for Trade In.
Do note, as powerful as the iPad Pro is, it is not a full fledged computer. It will not work like the MacBook Air does.
and unless you have a very specific reason to want the iPad Pro (screen or some specific app that is not available on the Mac), the MacBook Air will likely still be better for every day computer use than an iPad. The M1 MacBook Air, can even run some iPad Apps itself.