Incorrect, with zram you swap ram to compressed ram.
It has the benefit of absorbing memory leaks (which for whatever reason compress really well) and compressing stale memory pages.
Under actual memory pressure performance will degrade. But in many circumstances where your powerful CPU is not fully utilized you can 2x or even 3x your effective RAM (you can opt for zstd compression). zram also enables you to make the trade-off of picking a more powerful CPU for the express purpose of multiplying your RAM if the workload is compatible with the idea.
PS: On laptops/workstations, zram will not interfere with an SSD swap partition if you need it for hibernation. Though it will almost never be used for anything else if you configure your zram to be 2x your system memory.