Their target customers were IBM mainframe shops. The users were using 3270 terminals, and the PC was it's replacement. The 8088 was evolved from the 8008, which was designed to do programmable terminal emulation. That it was purpose-built for business application was not imaginary.
This is my understanding as well. Back in those days, IBM people wore business suits, and everything they did was intended to project Business competence. Particularly relating to finances and record keeping.
In 1980, they were chasing a very different market than was Apple. Of course the two markets eventually combined/overlapped, and the rest is history.