Regarding 11.3.5 - unfortunately, it doesn’t fix the problem completely. Moreover, looks like swapping behavior got a bit worse for me than with 11.3.4, as soon as swap size is more than 4gb.
One more time about the source of the problem, since I see many posters here optimizing their browsers, Rosetta, spotlight indexers, etc. Yes, applications might write a lot, e.g. tens of gigabytes a day, but it won’t translate into tens of terabytes that fast, and, most importantly not a big deal per se.
The main culprit is OS memory management, specifically swapping by kernel_task. An obvious bug indicator, is when kernel_task writes 5-10 times more than it reads, and it is all due to swapping, according to vm_stat (saw it again in 11.3.5).