for what it's worth, I have been running RHEL 7, and CentOS 7, since version ~7.6 and have updated to 7.9 (the latest currently).
When I install RHEL/CentOS 7 from dvd and make disk partitions I always make /boot with a size of 1GB and /boot/efi with a size of 100MB and have never had a space problem.
One of my existing servers, which has been yum update'd numerous times over the last 3 years, here is its current disk size
/dev/sda3 3.5T 302G 3.2T 9% /
/dev/sda2 950M 249M 702M 27% /boot
/dev/sda1 95M 10M 85M 11% /boot/efi
so Does Debian 11.5 really need 500MB+ partition for EFI?
no, I don't think any linux does certainly not for the EFI partition.
under /boot if you wanted to keep an unlimited amount of past kernels versus the default 5 then you might consider upping /boot greater than 1gb. Here is what I have currently to give you an idea of what makes /boot for me 27% full of a 1gb size; this is RHEL 7.9 :
[root@server:/boot] : du -sh *
152K config-3.10.0-1160.66.1.el7.x86_64
152K config-3.10.0-1160.71.1.el7.x86_64
152K config-3.10.0-1160.76.1.el7.x86_64
11M efi
0 grub2
76M initramfs-0-rescue-63a38dc3982544d5adc1c46384d7d1a5.img
35M initramfs-3.10.0-1160.66.1.el7.x86_64.img
35M initramfs-3.10.0-1160.71.1.el7.x86_64.img
35M initramfs-3.10.0-1160.76.1.el7.x86_64.img
316K symvers-3.10.0-1160.66.1.el7.x86_64.gz
316K symvers-3.10.0-1160.71.1.el7.x86_64.gz
316K symvers-3.10.0-1160.76.1.el7.x86_64.gz
3.5M System.map-3.10.0-1160.66.1.el7.x86_64
3.5M System.map-3.10.0-1160.71.1.el7.x86_64
3.5M System.map-3.10.0-1160.76.1.el7.x86_64
6.5M vmlinuz-0-rescue-63a38dc3982544d5adc1c46384d7d1a5
6.5M vmlinuz-3.10.0-1160.66.1.el7.x86_64
6.5M vmlinuz-3.10.0-1160.71.1.el7.x86_64
6.5M vmlinuz-3.10.0-1160.76.1.el7.x86_64
my recommendation if you wanted to make /boot/efi as small as possible I would go 20MB; for /boot as small as possible I think 500MB would be safe and going to 300MB would be as far as I would push it. The EFI partition /boot/efi is always lean, because it points up and out into /boot for where the real boot (kernel) files reside which has significant size. The convention I'm used to seeing is /boot as XFS and /boot/efi as a vfat type file system; you don't have a specific /boot partition because debian choose a different convention and just has it under the main root partition which is fine and inherently solves any kind of potential space problem so all you have to worry about is the size of /boot/efi not being large enough.