Not really, discounting the 13 inch MacBook Pro that also has 8GB of ram, the cheapest MacBook Pro with Pro chips was and is still $2000. Now the M3 base chip is $1600 for the Pro, and even accounting for the jump to 16GB of ram (nobody should be buying that 8gb of ram model) it's still only $1800.
Then again the 15 inch MacBook Air is only going to be $100 cheaper than the same specs Pro models. (And why they're redundant but that's another story.