I've recently noticed that my own workstation has felt a bit sluggish but thought nothing of it at first. It has two really fast 500GB NVMe SSDs and one 1TB HDD.
Then I played a game - not something I do that regularly - and I had micro freezes like every 5 seconds. I also noticed that it coincided with a click from the HDD. I ran a few diagnostics routines - nothing seems wrong. But then I see a 32GB pagefile in the root folder - with todays date on it... It shouldn't be there!
Turns out that in the default "Windows will take care of business"-setting, it disables page files on the SSDs and only uses the HDD! Is this behaviour to be expected?