Typically I see admins create partitions as basically failure domains - if one fills up it doesn't explode things relying on the others. Wouldn't this be worse in that regard? If you end up accidentally filling up your entire disk, you can no longer swap. Vice versa, if you swap aggressively you could end up filling the disk and then break a running process.
Swapfiles are fixed size just like swap partitions. They do not grow and shrink arbitrarily as you swap more/less.