Question is wether it is "practical" to have 1.5TiB at all....
Sure, but the point is the amount of memory you can practically put in the package is limited, and we so far haven't seen how Apple plans to tackle that for higher-end Macs.
b) Flash based storage is getting faster and faster
So is RAM.
and you con run them in "parallel" (if your chip has enough I/O) to the point that it might be just as fast as having multiple RAM chips/modules hanging on a bus several inches long.
There's an order of magnitude difference, even ignoring latency issues on top of that (the SSD is not on-package).
Apple's SSDs tend to top out at ~3 GiB/s (this will probably improve when Apple moves to PCIe 4 or 5). Their LPDDR4X RAM? ~30 GiB/s.
Software can't make up this massive difference.The rest is just SW, as in better paging better APIs and better compilers making sure SW gets back to being smart about RAM use.