> guaranteed traffic level
You've got 3 types of use cases merged in one there.
First, The generic business internet which gives you uncontended bandwidth usage as far as an internet exchange point and an ISP which ensures its peering and transit is not oversubscribed.
Second, point to point ethernet connectivity. This morning I had an issue with a point-to-point connection I have from Beijing to the UK for example, where latency had jumped overnight from 215ms to 430ms. This is provided as point to point ethernet by I would assume something like MPLS or VXLAN over the providers network. I've had SDH and ATM backed ethernet services in the past too.
Third, I have link with an optical service from, which does map to a dedicated frequency as in your 3rd option, although it's provided to me as a standard ethernet handoff.
This is different to "pay for a dedicated frequency on a cable", as the service I have has an ethernet handoff. I couldn't put non-ethernet traffic on the frequency.
I've also got dedicated cables with a service provision at an ethernet layer (the provider gives me an ADVA which they control). The actual light goes from the ADVA in my equipment box to another ADVA in another equipment box
In none of these situations do I need to worry about frequencies, high power SFPs, etc, the handoff from the provider is always ethernet, they handle that.
My company does have some leased fibre between campuses too, I tend not to get involved in that, but I know one department runs some 800G sfps over a leased fibre between cities about 200 miles long. I don't think we have any owned fibre other than between buildings on the same campus