This is fascinating to me, because:
(a) every 8GB Mac I've used in the past has been unusably slow
(b) since upgrading my 32GB Hackintosh to Big Sur, my usual 40GB working set is only about 20GB.
(c) My 2015 16GB MBPr with Big Sur is also using about half as much physical memory on the same workload. Swappiness is up a little, but I haven't noticed.
So my guess is that something in Big Sur has dramatically reduced memory consumption and that fix is being commingled with the M1 announce.