Swap to disk involves a relatively small pipe (usually 10x smaller than RAM). So instead of paying the cost to page out to disk immediately, you create compressed pages and store that in a dedicated RAM region for compressed swap.
This has a number of benefits: in practice more “active” space is freed up as unused pages are compressed and often compressible. Often times that can be freed application memory that is reserved within application space but in the free space of the allocator, especially if that allocator zeroes it those pages in the background, but even active application memory (eg if you have a browser a lot of the memory is probably duplicated many times across processes). So for a usually invisible cost you free up more system RAM. Additionally, the overhead of the swap is typically not much more than a memcpy even compressed which means that you get dedup and if you compressed erroneously (data still needed) paging it back in is relatively cheap.
It also plays really well with disk swap since the least frequently used pages of that compressed swap can be flushed to disk leaving more space in the compressed RAM region for additional pages. And since you’re flushing retrieving compressed pages from disk you’re reducing writes on an SSD (longevity) and reducing read/write volume (less overhead than naiive direct swap to disk).
Basically if you think of it as tiered memory, you’ve got registers, l1 cache, l2 cache, l3 cache, normal RAM, compressed swap RAM, disk swap - it’s an extra interim tier that makes the system more efficient.