There have been leaks - the 8121U is definitely Cannonlake. What's not clear is if that is the 2+0 or 2+2 model. Figure there won't be much availability of either - the 8130U is likely the replacement for the 2+2 since yields at this point are still terrible.
So there are references to Cannonlake with 16EUs.
The 2+2 CNL may be a GT2 chip but with 16EUs enabled. Rumors were pointing to Intel having problem with the larger GPUs on Cannonlake. Since Gen 10 allows asynchronous EU/subslice configuration, 16EUs become a possibility even if it only has odd number of subslices.
It also takes care of the problem of a CNL-based 15W Core i3 being faster than any other 15W Core chip not based on Cannonlake for graphics, and maybe even threatening the larger GT3e part. If it had 40EUs, and Gen 10 has further bandwidth saving features, it may be possible that it'll overlap GT3e performance without needing eDRAM. That complicates positioning especially when higher clocked chips can't be pumped out easily with Cannonlake.
I think 8121U is going to feature lower top Turbo frequency than 8130U, with a cut down GT2 EU part but based on Cannonlake and Gen 10.
I can imagine a 2+0 chip being used for embedded but not much else.
"Embedded" usage for consumer chips usually require iGPUs. Digital signage, PoS kiosks, cash registers, all need display out.
There are only two very niche scenarios I can think of. One, being used in a low end laptop where the manufacturer will put a discrete GPU anyway. Two, a company selling storage servers where the high end is taken up by Xeon D, and low end by this chip.