A lot of air cargo travels in the hold on passenger flights. Fewer passenger flights (as we've had for the last ~20 months) actually means less cargo capacity.

Maybe not but it is coming back pretty strong. Expecting higher than pre pandemic peak flight travel for Thanksgiving weekend in the US.

But isn't that just the pendulum swinging the other way so that it eventually settles back in the middle? Are these numbers expected to be the new norm?

It makes intuitive sense to me that the new norm is going to be people flying less, but when they do, it's gonna be everyone at the same time.