Yes, we know what page files do. Just because you set a specific size does not mean that many cells are written to. It only becomes a problem if a page file is actually filled a very large number of times. Even my venerable Samsung 830 SSD previously used for my boot drive still has 94% remaining life left. VM isn’t a critical concern for non-QLC SSDs. And anyone using a QLC SSD as a boot drive is going to be in for real pain down the road as those are terribad for wear leveling.
MLC and TLC SSDs will likely never fall due to VM writes outside of bugs like Samsung SSDs suffer under macOS, and that was Apple’s fault.
Wrong. The game is literally swapping textures directly to VM, and if the page file size is lower than the texture dump size, D4 “runs out of memory” as I noted earlier.