Well, no, the vast swathe of news articles are just guessing. They don't source one single piece of information that says Apple somehow decided to remove the part of the SSD/storage controller from every 64GB M1 chip that makes memory swap possible. It's a ridiculous claim when you think about it, and I would expect better from places that I thought were legit, like 9to5 Mac, which went all in on it.
It's just a trueism that came up in the heat of the moment and stuck.
Unless someone can point to a source that isn't "9to5 Mac said so", or "a developer said their app can't access memory swap", it's a completely unverified claim. 9to5 Mac provides no source for their claim except the one I already provided from Apple, and we already know that individual apps can't request the memory swap feature on the 64GB Air.
There is proof of the contrary. The 64GB M1 Air has 8GB of RAM - if you run 8 RAM hungry apps side by side in Stage Manager, and each if them is using as much RAM as iPadOS lets them use, that's well above the 8GB of RAM available in that iPad. If it doesn't use virtual memory, the apps would crash.