I've come to the conclusion that the excessive swapping/disk usage is not "a bug"... it's "a feature".
In other words, it's something that Apple's engineers have intentionally designed to "be there". Simply stated this is how the m-series Macs work. Not by "mistake", but "by design".
HOWEVER... it's not something they want to talk about.
Has Apple addressed this issue directly yet?
In any way?
The amount of "investigation" in this thread, trying this, trying that to reduce the amount of data written, is probably pointless.
Again, because the way we see things working, is "the way they are designed to work".
And once more, I'll offer my solution:
TURN OFF VM disk swapping using terminal,
and
TURN OFF compressed memory using terminal.
See what that does for you over the course of 2-3 days, then report back with the results.
That is the notion I've been expounding, so I am eager to agree. Does it not follow that if your two suggestions do indeed stop the computer working as it was intended to work, then there must be an impact on performance? Performance is very much what the M1 series are about. Perhaps someone, not me, will try them and report.