My use case: Mail, Calendar, Messages, Signal, Safari running at all times. Safari running an adblocker and with 1-3 tabs open. Firefox open as needed, adblocker, no more than one tab. Lightroom as desired.
8GB MacBook Air: slowdowns when typing. Slowdowns when switching apps. Returned.
16 GB MacBook Air: zero slowdowns, snappier than my old i9 MacBook Pro 16.
Could I have adjusted how I used my Mac and gotten a better UX? Probably, but I have been working that way for 5+ years.
I believe it's sustains around 5GB/sec to the SSD and I've seen a fair amount of hand waving about custom hardware support for compression/decompression and some OSX magic for compressed swapping.
So 5-10 years ago you tended to have spinnings disks, or SSDs connected over SATA (a bandwidth bottleneck), and SSDs not designed for nearly the IOPs available today.
So while swapping could be really annoying 5-10 years ago, it's not necessarily so today. Switching tabs or apps is not necessarily going to be annoying if some swapping happens.
Numerous reviews of things that usually required a ton of ram (like editing multiple streams of high resolution video) have shown that 16GB ram M1s do quite well compared to previous generation machines with more ram.
With all that said, I'm anxious to see future apple products with more ram and M2/M1x or whatever they call the follow on chip.