It's become customary for console makers to release multiple versions of the same console within their lifetime. However, next-gen consoles might be available in more than one flavor right at launch. The PS5 is already releasing in two versions, one with an optical drive and an all-digital one. Reports suggest that Microsoft is also working on more than one version of its Xbox Series X but with a different strategy from Sony's.
Today
The Verge reported on Microsoft's multiple next-gen console plans. Their source "familiar with Microsoft’s Xbox plans" confirm a Lockhart profiling mode in dev kits. The latter refers to a second Xbox Series X console version, codenamed Lockhart, which is a less powerful but cheaper entry into next-gen gaming. The Lockhart profiling mode allows developers to toggle "Lockhart mode" and gauge how their games will perform on the weaker hardware, which is geared towards 1080p or 1440p gaming.
The Verge's report also mentioned that Lockhart's specs include "7.5GB of usable RAM, a slightly underclocked CPU speed, and around 4 teraflops of GPU performance". For comparison, the known Xbox Series X (codenamed Anaconda) includes 13.5GB of usable RAM, and targets 12 teraflops of GPU performance.
Moreover,
The Verge's claims are supported by a recently-leaked Game Development Kit release from June 2020 which mentions support for "AnacondaProfiling" and "LockhartProfiling" modes: