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It's only an alternative if you have a backing swap device. zram does not have this requirement, so (aside from using no compression) it's basically the only solution for some scenarios (e.g. using entire disk(s) for ZFS).

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Can't you use a ramdisk as your backing swap device?

Using a ramdisk for zswap is basically just zram with extra steps.

Extra steps are fine if the result works better.

It is not the same at all. The swapping algorithm can make a big difference in performance, for better or worse depending on workload

Zram is just swap but in RAM. It uses the same algorithms as normal swap

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