Apple's documentation says kmutil is used for loading and unloading kexts (and some other things).
Should I be concerned with this much kmutil activity?
I still don't know what is going on, but an example capture of one of the processes is shown below if anyone is interested. launchd forks, then executes xpcproxy with the arguments (xpcproxy com.apple.applefsplaceholder), and then executes kmutil with the arguments (load -b com.apple.fsplaceholder).
Code Block pid: 26919 first observed: 2020-11-17 13:54:20 last observed: 2020-11-17 13:54:20 program: kmutil program path: /usr/bin/kmutil signing ID: com.apple.kmutil team ID: program modification date: 2020-01-01 00:00:00 program status date: 2020-01-01 00:00:00 ppid: 1 parent program: launchd parent program path: /sbin/launchd parent signing ID: com.apple.xpc.launchd parent team ID: parent program modification date: 2020-01-01 00:00:00 parent program status date: 2020-01-01 00:00:00 FORK /sbin/launchd EXEC /usr/libexec/xpcproxy arguments: xpcproxy com.apple.applefsplaceholder EXEC /usr/bin/kmutil arguments: /usr/bin/kmutil load -b com.apple.fsplaceholder exit