A separate application is nicer because you can switch to it with alt-tab or number keys instead of finding it among all your other tabs.
I don't go low on ram often enough to notice anything, or the exemption still works.
There's an open source project to fix it though: https://alt-tab-macos.netlify.app/
Together with an app to fix the scroll wheel and a calendar widget, working with MacOS becomes almost bearable.