Since I'm monitoring this problem since the moment I got my MBA 16Gb/1Tb, I can share some observations:
1) My "use case" is work-related and not extreme at all: some browsing, productivity tools, Office 365, Teams for calls and some lightweight development tooling. I try to observe memory usage and not to stress virtual memory, e.g. tend to use a single browser instance only, close apps, windows, etc. to avoid excess swapping.
2) To date I'm at almost 50Tb written during just 6 weeks of everyday use, and that is clearly not acceptable by any measure, even if drive could survive it for few more years - it's an overhead also from the performance standpoint.
3) Spotlight, Time Machine, iCloud and photoanalysisd are not the real culprit for the high TBW, since I have them turned off for at least a week, and still observe abnormally high disk writing rate (0.3-0.6 TB per day on the light load) almost exclusively from kernel_task. The total TBW is lower than before though, but not dramatically, which again points to the OS level VM management issue.
4) I migrated from MBP 16 2019 64Gb which I used for around 1 year, and there TBW was in the low single digits for exactly the same usage pattern and software configuration.
My primary suspicion is that Big Sur introduced a bug in the VM management algorithm, which is somehow more pronounced on the Silicon unified memory architecture, but also it looks like it is not exclusive to it and some Intel machines are affected as well. What also worth checking is the regression after the migration from the higher memory configuration - I personally don't have time test that, but wouldn't be too shocked to learn that it's the case.
Regardless of the reason, it must be fixable by the OS software patch from Apple.