Oops. Common misconception. You are conflating unified RAM. NVME storage is not part of the unified RAM model... If they had used XPOINT such as Intel's Optane storage as part of their unified RAM model, then what you say would be correct.It works better than you think even with 8GB with swap used. M1 unified memory bandwidth is 66 GB/s. That means the SSD is barely slower then the RAM for most things.
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But Optane is no more and currently unified RAM is shared only between main memory and graphics card, NOT storage... Storage is an add on module which in the case you demonstrated is less than half the speed of a typical PCIE4 SSD which usually start at around 5GBps.
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