I’ve read the reports but I’m not seeing this. Normal workflow and already over 11 GB that swaps.
For normal users (such as people not compiling V8), swapping may be virtually unnoticeable.
For many people 16GB is absolutely enough, and Apple had to start somewhere. But if 16GB wasn't enough for you yesterday, it isn't enough for you now.
Those numbers are about 2-3x as fast as what my 2020 Intel-based MacBook Air gets.
But 2-3x won't change swap from grinding to a halt to perfectly smooth, either. It's still over 20x slower than RAM.
More significant for swap usage though is random reads and read latency, neither of which are going to be particularly impressive on the M1's SSDs. You need something like Optane to make that a compelling case.