A swap livelock would be worse than a crash, you really don't want a DB backend to start swapping in this kind of application.
No, but from a diagnostics PoV it can be important to know the difference between failure modes that, unless you are physically near the device so can see drive lights flickering (or hear heads moving if using traditional drives), could otherwise look identical.
CPU overloading, without memory starvation, can have a similar effect, though that doesn't tend to fall off the same efficiency wall as when IO is the issue (unless something has literally kicked off a fork bomb) because of the orders of magnitude differences in latency and work throughput.