Here is an answer based on my experience at the beginning of September 2022.
I'm an Australian citizen and we are also allowed to stay in Malaysia for 90 days.
Some countries make a distinction between "visa waiver" and "visa free" entry I believe. I know I'm here on a "visa free" basis. This may make a difference. Also of course having a normal visa could also mean different rules.
I was planning to leave Malaysia a few days before my 90 days were up but misremembered my date of arrival. When I checked my passport stamp I realized I was already on day 89 so decided I better leave that day. I considered the ferry to Batam, Indonesia since I was in Johor Bahru, but I wasn't sure of the covid rules for Indonesia regarding quarantine and insurance whereas I had come to JB from Singapore and knew I would be fine to return to Singapore. But school holidays had just begun and the budget accommodation was sold out for at least ten days. Which meant I would have to return to Malaysia the same day or next day. Not ideal but the staff at my guesthouse thought it should be fine.
I entered Singapore about 8.30pm and walked a couple of km to find a 24-hour coffeeshop with Wi-Fi and aircon where I stayed until about 1.30am before walking back to the causeway.
The immigration officer gave me a new 90-day stamp, but the new stamp has a small circle around the "90" drawn in pencil. He did not ask me any specific questions or give me any warnings.
I assume the circle is a type of code for the next immigration officer and that that officer will take into account the fact that I maxed out my first 90 days and then did a "U-turn". No doubt they will also take into account how much of this next 90 days I use up before leaving.
So it seems one visa run is OK but they are aware of what you're doing and are keeping an eye on your movements in and out of the country. What type of visa or visaless entry you're on may make a difference, as may the country you're from. It's also possible it's easier at the moment because Johor at least has suffered greatly economically while the causeway to Singapore was closed. I think the officer assesses the likelihood that a visitor may have been working while on a tourist entry and whether they're likely to be spending much in the local economy.
A lot of this is guesswork of course. I'll add photos of my passport stamps later.
I would not try doing a "U turn" visa run twice. Leaving for a month or longer before coming back and leaving well before the end of the 90 days is surely a safer bet.