Yes - you’ve certainly got it. Some users prefer to use their iPad in Portrait screen orientation - with the camera at the top.
When the iPad is used in Landscape - as is usually the case when using a folio (or similar) keyboard, the camera will be at the left or right of the screen.
While we have absolutely no insight into Apple’s future plans concerning camera positioning, consider this…
If the camera where placed in one of the long edges of the bezel, the camera would then appear to be in either the top or bottom edge of the screen when used in Landscape - as dictated by the choice of Landscape positioning.
Some users (myself being a prime example), for practical purposes position the iPad in Landscape with the USB-C port to the left of the screen. So, for myself and similar users, the camera would ideally be placed at the top (i.e., the left-hand long edge of the iPad as referenced in Portrait orientation). This arrangement has the disadvantage of placing the Apple Pencil at the bottom of the screen when docked with the iPad.
By contrast, other users, perhaps using an Apple Smart or folio keyboard, will have their iPad oriented with the USB-C port to the right of the screen when used in Landscape. This arrangement places the Pencil usefully at [what is now] the top edge of the screen. If the camera were to also to be placed in the “top” edge (i.e, the right edge of the iPad in Portrait orientation), this would have to physically displace the Apple Pencil dock and inductive charging system.
As such, you can perhaps understand some of the design considerations and compromises necessary for iPad.