I bought iPad Pro 11 inch + pencil because of same reasons as yours, but it was a stupid idea in hindsight.
1. Reading on the heavy iPad is a pain. If I want to read small articles, I can do it on my phone. If I want to read a book, best to do so on my kindle which is lighter and is easier on eyes and has better battery. If I want to read a long article and take notes, best to do it on laptop so I can type efficiently. So there is no usecase where reading on iPad made sense for me.
2. For media consumption, again, doing it on my phone is much more comfortable since it is lighter to hold. If I want to watch a movie/longer video, maybe iPad is a better choice than phone but laptop is an even better choice since I can change video speed and video position more efficiently.
3. Note taking - Typing on iPad touch keyboard is hard since it is large and iPad is heavy. Typing on phone is way easier. So even a phone beats iPad in note taking.
4. Pencil note taking - Using Apple Pencil to take notes sounds like a great idea, but I can type faster than I can write. Also the typed text is more searchable and portable than the written texts. So taking handwritten notes seemed like a major downgrade to me.