Thanks for the tip. Indeed, the monitor does show when stat files are updated. Eg:
00000836 10.1.1.20 10:31:57.443 11:31:59.305 FS append /stats/115b59a3-006a-73c5-fffff62eeb38b63d.201911 10us 16 bytes ([Climate] Heating On_Off (Status))
I left this running for a long time but only saw writes every 5 minutes as one would expect (5 minutes is the minimum statistics time I have setup).
37 stats written every 5 minutes = just over 10,000 writes per day. This doesn't sound excessive.
When I run project validation it reports 21,888 statistics entries per day, which is twice as many as are actually being written as can be seen from watching the monitor.
Looks to me there's a bug in the code that decides when to issue this warning or not. I have opened a ticket with Loxone support and will report back.
Robin