Having a Max-Q GPU makes a lot of sense considering the form factor of the chassis. The quiet update also adds new 9th gen Core i7 CPU options and a 4K UHD OLED panel that will likely be the same Samsung panel as found on the current Razer Blade 15, Gigabyte Aero 15, and Dell XPS 15 7590.
https://www.notebookcheck.net/OLED-HP-Spectre-x360-15-with-GeForce-GTX-1650-Max-Q-graphics-purportedly-coming-soon.427928.0.html