I had a maybe a similar problem. While working I saw a lot of beachballs with my M4 max. While working. Every few minutes I got a beachball for round about 20-30 seconds.
I saw similar appearance in other apps (not as heavy as in rhino - maybe 2-5 seconds beach ball). I did a bit digging in some mac forums then and find a solution for my problem.
There was a Problem with the indexing of my Spotlight search. You can fix it with force the spotlight search to do a new indexing. For this you have to deactivate spotlight for your SSD for a few seconds and then reactivate it back.
For me was this the fix for the beachball appearance in Rhino. → Maybe give it a try