Xcode on the iPad is only a rumor that was going around prior to WWDC, and has not been announced by Apple. I would put money on it not happening this year.
It would only make a difference insomuch that for Apple to make a compelling version of Xcode they would probably also have to make many other changes to iPadOS that would favor software like Hype.
The iPad has been around for 10 years and Apple has not deemed that it is a good idea to make iPad apps on an iPad, or a good idea to at least port Xcode to the iPad. That says a lot to me.
(And if I were in charge of the Dev Tools team, I would make the same decision)
Yes, but Hype was not written with Swift nor SwiftUI. If Hype were rewritten using these technologies it would be more portable. It would probably be much harder to write Hype using them.
SwiftUI is probably still a few years from being mature and usable for a full application like Hype. It took about 5 years from Swift's release before I would have touched it. Seeing the pains other developers went through as they dramatically changed the language and dealt with performance issues reaffirms my decision there.
When building application software for users, I want to build on rock-solid foundations so the focus can be on delivering features and not in the engineering weeds of hacking around language issues.
This is absolutely true, but aside from vectors and being able to trace out more natural motion paths, I cannot think of other advantages. Which means a lot of work for very little software gain.
I'm of course open to hearing other ideas for features 
.
I personally developed the vector shapes feature with AstroPad always running on my iPad for testing pencil strokes. It, or Sidecar, is a pretty great solution, and if you have an iPad one that exists now. An iPad version of Hype doesn't enable anything new if you already have a Mac and an iPad. Likewise Wacom/Cintiq tablets have been around for quite some time and could always be used in these contexts.
I believe this is the case for hand-drawn art/animations that are a bit more analog in nature. Callipeg and Rough Animator specifically are wonderful cases for an iPad app using the Pencil.
Hype's pixel precision isn't as easy to achieve when the tools for iPad are not pixel precise. Even the new default mouse cursor does not have a single pixel representation for where a click would occur unlike the arrow point of a Mac.
While there are 13" iPads, this is the largest size and one still needs to write software to accommodate 1024x768 screens. At first glance, this isn't too far off from Hype's default window size of 1172x806, but one cannot measure in pure pixels, as Mac controls can be much smaller. One needs to think more about "hit target resolution." To make a good iPad app you must be able to accommodate touch targets. A 16x16 pixel control on a Mac is doable, but on iOS 40x40 is about the minimum. This would mean expanding the control sizes significantly to the point where you would need to have UI that would hide them most of the time. To do anything, you'd be constantly summoning and hiding the panels, making for a pretty terrible experience. Hype could be rethought to require less of this, but that probably means changing a lot of functionality and it really isn't Hype at that point.
I have not seen any businesses buying only iPads for their graph designers, or typically for anyone as their sole machine. The reality is that even though one can do real work on an iPad, it is often less efficient. Businesses thrive on efficiency. Great apps enable efficiency.
(There are a few specialized industries like doctors where the different form factor does make sense)
Desktops generally still exists in contexts that they did before, though a desktop may be powered by a laptop -- that is to say it is common to have a larger external monitor, better keyboard, and mouse hooked up. There's no getting around the fact that people are more productive with large displays and precise ergonomic input devices. I often see folks at coffee shops bring a whole setup along with them because their laptop-based ergonomics are so bad (no thanks to the terrible keyboards in Apple's 2015-2019 laptops). There's no escaping the physics of a human being.
FCPX is not on the iPad. Logic Pro is not on the iPad. (Logic Pro does have a companion iPad app, as does Hype with Reflect!)
Adobe has tried many iPad apps and nearly all of them have failed.
LumaFusion stands out, but I don't hear about folks preferring it over FCPX or Premiere.
Hype was started in 2010, the year the first iPad was introduced. The idea of making an iPad version has always been on the radar, and I've even done some prototyping for it.
In watching this space since 2010, I have seen nearly every gain of the iPad be adding features that have already been on the Mac, many since the 1980s. Larger screen sizes, multitasking/split views, USB, 2nd display, cursor support, etc. Yet still the Mac's implementation is often superior for most application software. So why not just use a Mac?