While I've seen systems grinding to a halt due to evicting code pages, the idea that disabling swap distributes load between code pages and data pages makes no sense to me. Data pages are also disk backed, so they could also be evicted at any time. Why would data pages be written to swap if they came fron the disk in the first place?

So that only leaves anonymous data pages, i.e., regular data in memory, that could be swapped. Ok but you're not easing the load on code pages, those still get evicted during memory pressure whether you have swap or not.