On your 13-inch MacBook Air with M3 running macOS 27.0, you are seeing two issues since the update: the storage information in System Settings is fluctuating, and Siri AI is not responding properly.
At this point, it makes sense to treat them as separate issues.
In System Settings >> General >> Storage, individual storage categories can change as macOS recalculates how space is being used.
Apple explains that System Data includes things such as caches, logs, virtual-memory files, temporary files, and other system resources, so its size can change with the current state of the Mac.
A fluctuating System Data figure, by itself, does not mean that your storage is being lost.
The more important figure to watch is Available storage and whether it is actually decreasing and staying lower. (support.apple.com)
Siri AI is a beta feature in macOS 27.
Your M3 MacBook Air meets the Apple-silicon requirement, but Siri AI availability also depends on Apple's supported language and region requirements and the rollout of the feature.
Siri also requires an Internet connection. (support.apple.com)
I would start by restarting the Mac and then checking System Settings >> General >> Storage again, paying more attention to Available storage than to any single category.
For Siri, go to System Settings >> Siri and check whether Try Siri AI (Beta) is available and enabled.
If it is enabled but Siri still is not responding properly, that points more specifically to a Siri issue rather than something we should assume is connected to the storage fluctuation.
Apple's relevant guidance is available here: Get started with Siri AI on Mac.