Ah, now I can. It's easy when one lowers memory available to qemu. -m 800M in this case:
echo $((1000*1024*1024)) > /sys/block/zram0/disksize
mkfs.ext2 /dev/zram0
mount /dev/zram0 /mnt/a/
dd if=/dev/urandom of=/mnt/a/stuff
[ 200.334277][ T8] EXT4-fs warning (device zram0): ext4_end_bio:343: I/O error 10 writing to inode 12 starting block 8192)
[ 200.340198][ T8] Buffer I/O error on device zram0, logical block 8192
So currently, I blame:
commit e7be8d1dd983156bbdd22c0319b71119a8fbb697
Author: Alexey Romanov <avromanov@xxxxxxxxxxxxxx>
Date: Thu May 12 20:23:07 2022 -0700
zram: remove double compression logic
/me needs to confirm.