On x64 CPU for laptops the memory bandwidth is rather limited and a fast compressor like lz4 can saturate it. As the result latest SSD are faster then z-ram when using hardware encryption on SSD.
Here's a good summary of what it actually does. https://chrisdown.name/2018/01/02/in-defence-of-swap.html
TL;DR that swap shouldn't be seen as "spare RAM", but a mechanism for paging out anonymous pages, which is desirable in many circumstances in avoiding OOM situations and making memory management work better. It paradoxically typically reduces I/O thrashing.
But why reject taking apparently-free steps to soften the blow?
Is there some advantage in making sure that when the wall is hit, it is hit as hard as it possibly can be?