I wouldn’t put swap on an SD card, no. Even if it had an NVME, it seems like putting up at least a double-digit percent would be more effective than 1%.
Also, since 6.1, swap has been a lot better, with MGLRU. ChromeOS gets away with paltry amounts of RAM due to swapping. So classic overcommitting seems fine as long as you don’t run into situations where more RAM is active at once than is available by hardware.