AMD GFX12.1 is yet to be ascertained for what products it's going to serve. GFX 12.0 is for existing RDNA4 parts, GFX 12.5 (GFX 1250) is for the Instinct MI450 series, and GFX13 is already coming together for what will be RDNA5. Plus there is also the forthcoming GFX 11.7 graphics IP block that is being marked as RDNA 4m . GFX 12.1 would presumably be some RDNA4 refresh type solution.
The 109 new patches posted today add RAS (Reliability, Availability, and Serviceability) support to the GFX 12.1 graphics engine. With that, it's likely GFX 12.1 is for some new/refreshed workstation / data center product like perhaps a successor/evolution to the Radeon AI PRO R9700 ?
The RAS patches for AMD GC/GFX 12.1 add SR-IOV support and other features typical for the workstation/DC segment rather than consumer cards.
Or given a few notions I picked up from in the patches I've looked at thus far, some feelings it could be for some new APU successor to the AMD Instinct MI300A.
I'm still going through those 109 new patches myself but for those interested they can be found this evening on the mailing list for code review. Given the timing it's too late for this RAS support in Linux v7.3 but will presumably be ready in time for Linux v7.4 later in the year.