"What could it possibly be writing that much?"
Virtual memory disk swapping.
Apple changed how RAM and VM is handled some years back (around the introduction of "Mavericks").
Then, they made it much more "disk intense" with the introduction of the m-series CPU and "unified memory".
This is why there's a long-running thread in the Apple Silicon sub forum regarding extremely high rates of disk writes with the m-series CPUs.
There's a way to fix this, I've found.
I've posted about it numerous times, but very VERY few seem willing to even try it.
The solution is:
TURN OFF VM disk swapping, using the terminal.
Of course, you have to have enough RAM to do this.
8gb may not be "enough" -- but 16gb IS enough.
And you have to be willing to monitor application usage, closing un-needed apps.
Now, I have no VM disk swapping, because my Mac runs only in "real" memory.
No "virtual" memory... AT ALL...!