I was finally pointed to ADF documentation that describes a TTL related to managed virtual networks. This TTL will result in a minimum charge of one hour, regardless of whether your workload takes a minute or 60 minutes.
For non-copy activities including pipeline activity and external activity, there is a 60 minutes Time To Live (TTL) when you trigger them at the first time. Within TTL, the queue time is shorter because the node is already warmed up.
... at https://learn.microsoft.com/en-us/azure/data-factory/managed-virtual-network-private-endpoint#activity-execution-time-using-managed-virtual-network
Ideally this information would also be presented in the billing examples (pricing concepts). For our purposes the TTL seems extremely long and it greatly impacts the amount that we are charged for ADF. Here is another place where I think the information should be provided:
** ADF "pricing concepts" page :**
https://learn.microsoft.com/en-us/azure/data-factory/pricing-concepts#data-integration-in-azure-data-factory-managed-vnet
One issue that bothers me is that they claim there is a "compute node" that is warmed up for our VNET activities... but the ADF interface doesn't provide any visibility to confirm any of this. IE. If I'm being charged for some mysterious "compute node" at any given moment of time, then the ADF portal should also provide some visibility so we can inspect that compute node and see if it is actually running or not. The only visibility we are given is in our ADF billing at the end of the month. The ADF portal shows us activities, but doesn't allow us to see when our TTL is expiring (or whether it is expiring). Nor can we re-configure the default TTL of 60 minutes, based on what I'm hearing.
Based on this experience, it is clear that ADF VNET activities are going to be very expensive if you need to run one small pipeline on an hourly basis. Perhaps that is a factor that may lead customers to another Azure service, like appservices or azure functions. It isn't something that anyone warns you about, until you get the surprisingly high bill for the first time.