All interesting theories but the fact of the matter is that there is only 47MB of USABLE memory/cache on the Xbox One SOC. And that ESRAM block between the CPU's in the die shot doesn't have some esoteric undocumented use case. It's simply for yield redundancy.
That wouldn't make sense, it is to far away from the rest. Also there is about 4mb we don't know yet what it is for.
By so many things, they tried to offload work from CPU, GPU and main memory, Sram for the page table would make sense, it would be much faster than in main memory.