I love this idea too! but first, lets talk about latency with AirPods. AirPods have Dolby Atmos from the original AirPods (not sure if 1st Gen has it) All the way to the current AirPods Pro. Even though they support Dolby Atmos, mixing might be hard considering they use bluetooth, which tends to have a delay when receiving audio since it has to be transmitted via radio waves. And because bluetooth can only transmit so much data, the audio has to be compressed so that it can be transmitted easier which might slightly destroy some sound clarity. There is the LDAC codec in some headphones or earbuds, which can transmit more audio data than standard bluetooth devices codec being AAC which apple uses also, but despite that Apple doesn't use LDAC in their Airpods
For comparison of the two audio codecs
AAC is capable of transmitting a sample rate of 44.1kHz with a Bit Depth of 24-bit and a Bit-rate of 320Kbps
LDAC is capable of transmitting a sample rate of 96kHz with a Bit Depth of 24-bit and a Bit-rate of 990Kbps
Now on Logic pro on iPad the max sample rate is 96kHz and a Bit Depth of 24-bit, which is what LDAC is compatible with. But currently to my knowledge I don't think there is any LDAC audio device with native dolby atmos support, correct me if I'm wrong. But there is also that delay still, because it is still being transmitted through the air and if your in a place with bad interference then you might lose some quality and some latency. There is some Codecs with low latency but to be honest, it would be best to use an Aux cable. Another thing is that you would need to buy a lighting or USB-C to aux, or if you have an iPad with an aux already built in, which I do (iPad 9th gen).
And one more thing is that logic pro on iPad is sorta limited when installing plugins or even running it. Considering the hardware iPad uses and its operating system capabilities, it could be possible but they would probably have to make it extremely dumbed down just because of how powerful it is.