Just to provide an update, after approaching Apple Support again with this issue, I was told to book an appointment at my local Apple store. I replicated the issue in front of one of their staffers, who admitted that Apple doesn't officially recognise this as a known problem at present. However, they said they would keep the MacBook for a few days to perform a complete wipe and reinstall of the OS and stress-test. I said I suspected it could be related to hardware (perhaps some production runs used different parts and that was the issue?) and was told a logic board replacement would be done if any issues were found.
Upon returning to the store a few days later, I was told that no issues had been found and no repair had taken place. As it was a complete wipe (the Mac needed reactivating and everything) I held onto the hope that this could potentially have fixed the issue, as I had installed OS 12 over OS 11.
No such luck. After a day of use the memory problems remain. I'm not even doing anything particularly stressful - just browsing webpages and the like - but it gets to the point (again) where my machine slows right down and I have to shut webpages or restart my Grammarly extension (the only extension I have installed!) in order to free up memory and get the machine working properly.
So, it looks like I'm out of options here. Apple doesn't seem to recognise this as an issue, and I can't swap to another machine as there aren't any other MacBook Air options that don't use the M1 chip.