Just to share my experience:
64gb Page File
256gb Rolling Cache
64gb RAM
Never had any issues.
This formula was a golden rule in the times of RAM sizes up to several hundreds MB.
I’ve never saw MSFS 2024 to take more then 30 GB RAM and more then 24 GB in System’s paging file.
So my 64 GB RAM is under utilized by MSFS, and 32 GB paging file is more then sufficient.
It seems that it doesn’t matter how much of the page file is occupied. I received the error message and CTDs even before the page file was 100% filled. At a certain point, Windows decides to increase the page file, which then starts the mess.
Pagefile will never be filled up to 100%. There is a stuff for all other apps and system itself in the Pagefile. Moreover, there must be sufficient reserved empty space for them in the Pagefile, too.
Lots of theories regarding this new swap file line item in the fps window so I’ll go out on a limb with one of mine: Has anyone considered MS/Asobo is enhancing the on disk rolling cache file to now be partially contained in memory and the rest on disk to improve performance? It would explain why they added ‘Rolling cache read speed’ to the fps window. They want to measure the performance gained using this new architecture.
Perhaps this new console is driving this… just speculating… 
How healthy for our SSDs and HDDS is constant using of these swap files?