Latency of swap is always terrible in comparison to RAM. RAM vs disk is already something ~1000x right? I've never characterized EBS vs trad ssd, but I would be surprised if it's more than 10x.

I don't think using swap as "emergency RAM" makes a lot of sense in 2025. The arguments in favor of swap which I find convincing are about allowing the system to evict low use pages which otherwise would not be evictable.