On doing more research, I think you are right, with the Center Stage feature that keeps meeting software views focused on humans an attempt to mitigate the issue.
Interestingly, the specs page does not label the front camera, but there is a larger circle on the short side near the ‘3 microphones’ label. There is no such circle on either long edge. Also, a TechCrunch interview report with John Ternus of Apple had this:
'It also goes a long way to masking the awkward horizontal camera placement when using the iPad Pro with Magic Keyboard. This has been a big drawback for using the iPad Pro as a portable video conferencing tool, something we’ve all been doing a lot of lately. I ask Ternus whether Center Stage was designed to mitigate this placement.
“Well, you can use iPad in any orientation right? So you’re going to have different experiences based on how you’re using it. But what’s amazing about this is that we can keep correcting the frame. What’s been really cool is that we’ve all been sitting around in these meetings all day long on video conferencing and it’s just nice to get up. This experience of just being able to stand up and kind of stretch and move around the room without walking away from the camera has been just absolutely game changing, it’s really cool.”’
Since Ternus didn’t contradict the premise of the question, I assume that the positioning isn’t changing.