LOL. If “swap” is faster than RAM, it’s not a swap file. It’s called L1/L2 cache, and the M1 has 12MB L2 (for performance cores) of it.What if swap was faster than RAM? Then you would want a 1 Gb model so that the OS would use swap all the time.
The M1 has several things which make the penalty of having less RAM less severe than on Intel Macs, thus it _feels_ like you don't need more.
Unified memory means the CPU don't have to copy content to the GPU's dedicated RAM or vice versa.
If the GPU needs to use 1Gb for a few seconds, it can so immediately, while on Intel it would have a max memory of maybe 256Mb or something like that.
Having their own SoC means they might have implemented memory compression in hardware, thus expanding the available memory without much performance penalty.
Better and faster disc controller and SSD makes it faster to shuffle content back and forth between RAM and SSD.
The basic concept is that you have super fast memory but small, and slower memory but larger. The storage (where a swap file is) is the last end of the chain, with large amount but slowest access.