As @Owl-53 has mentioned, low storage space is a big problem. Within only 10GB of Free storage space which is way too low. You need at least a minimum of 20GB+ of Free storage space just for the most basic of usage scenarios.
It is hard to say if the Kernel Panics are hardware or software based since you have such a low amount of Free storage space. There is a possibility though that you do have a hardware issue with the Logic Board.
It is curious that the Intelligence Platform Compute Service has high CPU utilization. I didn't think Intel Macs utilized it at all.
Try to free up at least 10-20GB more of Free space so you end up with 20GB - 30GB of Free storage space to compare your results. Ignore the "Available" storage space since it is very misleading and with macOS is not a synonym for Free. This is the first thing you should do. FYI, it may take a day or two for you to actually see a change in the Free space value due to how macOS & the APFS file system works.
You can also try running Disk Utility First Aid on the hidden Container. Within Disk Utility you may need to click "View" and select "Show All Devices" before the hidden Container appears on the left pane of Disk Utility. Even if the First Aid summary says everything is "Ok", click "Show Details" and scroll back through the report to see if any unfixed errors are listed. If there are errors, then run First Aid again until they are gone. If after several scans the errors remain, then try running First Aid while booted into Recovery Mode.
Your Battery is also over 1,000 charge cycles.
If you have access to another Mac running macOS 15.x Sequoia, then you can try a DFU Firmware Revive to see if it makes any difference (doubtful). You can also try an SMC Reset and PRAM Reset.
Also, do you have a backup of your data? If not, then you should do that ASAP. There are a lot more new ways to permanently lose access to the data stored on the internal SSD of the recent Macs due to all of the hardware, software, and security changes.
These 2018-2020 Intel MacBook Airs don't have a good track record with their Logic Boards. So I would not spend any money on this laptop. The M2+ Macs (even the M-series MBAirs) will out perform this low end Intel MBAir.