Let me give this a shot, and I will not use complex numbers or trigonometric functions.
Part I.
$f(x)=\sqrt{x^2+1}-x$
Let $g(x)=\sqrt{x^2+1}$ ... and setting $a = x^2, b = 1,$ and $n = \frac12$
Then $(a + b)^n = $$\sum_{i=0}^n$$ $$n\choose{i}$ $a^{n-i} b^i$
$ = 1 + \frac{x^2}2 - \frac{x^4}8 + \frac{x^6}{16} - \frac{5x^8}{128} + ...$
Then $f(x) = g(x) - x = 1 - x + \frac{x^2}2 - \frac{x^4}8 + \frac{x^6}{16} - \frac{5x^8}{128} + ...$
$f(x) \approx (((\frac1{16}x^2 - \frac18)x^2 + \frac12)x - 1)x + 1$
The tail of this series will be significant for large $x$.
Part II.
$f(x)=\sqrt{x^2+1}-x = (x^2+1)^\frac12 - (x^2)^\frac12$
$= (x^2+1)^\frac12 - (x^2 + 1 - 1)^\frac12$
Let $ w = x^2+1$
$f(w)= (w)^\frac12 - (w-1)^\frac12 = (w)^\frac12 \times ( 1 - \frac{w-1}{w}^\frac12$ )
Now we can see as $x$ grows large, $w = x^2 + 1$ grows even larger and $\frac{w-1}{w}^\frac12$ approaches $1^-$ so $( 1 - \frac{w-1}{w}^\frac12 )$ approaches $0^+$ and $f(w)$ similarly approaches $0^+$.
I believe this would be the only way to factor out the variable since there are not many powers of $x$ in the equation of $f(x)$, the powers are low.