I've been telling people about this since the days when there were operating systems still around that actually did swapping (16-bit OS/2, old Unix, Standard Mode DOS+Windows) rather than paging (32-bit OS/2, 386 Enhanced Mode DOS+Windows, Windows NT). I wrote a Frequently Given Answer about it in 2007, I had had to repeat the point so many times since the middle 1990s; and I was far from alone even then.

* http://jdebp.uk./FGA/dont-throw-those-paging-files-away.html

The erroneous folk wisdom is widespread. It often seems to lack any mention of the concepts of a resident set and a working set, and is always mixed in with a wishful thinking idea that somehow "new" computers obviate this, when the basic principles of demand paging are the same as they were four decades ago, Parkinson's Law can still be observed operating in the world of computers, and the "new" computers all of those years ago didn't manage to obviate paging files either.

TFA means The Fine Article