Memory pressure is an interesting metric in MacOS and I've found that it is not solely related to the amount of swap used. The OP's post doesn't show the amount of compressed memory, which I have found (on M1 Macs) to often increase and cause "yellow" memory pressure, even if only tiny amounts of swap memory are used.
I tend to have a lot of browser tabs open, and have noticed compressed memory often increase to >15GB, which will normally cause the memory pressure to turn yellow for the entire day, even if swap is <1GB on a 32GB machine.
The OP is probably correct that 16GB is marginal on their machine considering they are using over 14GB excluding the file caches, and already starting to use some swap.
A while ago there was a long thread on SSD write volumes on the first M1 Macs and I found that having >5GB swap on my 16GB M1 caused a lot SSD writes - sometimes hundreds of GB per day, which might exceed the TBW ratings of the drives within the expected lifetime of the machine. I like to keep swap at modest levels, even with the fast Apple SSDs. After a certain point, it is noticeable (e.g. swap >60% of physical RAM), and creates concerning levels of disk writes.