Okay for anyone else asking about the 24GB of RAM for the MacBook Air, I can confirm that it is worth it.
Yes, the memory swap does work if you have 512GB or higher and if you're not using a lot of hard drive space. However, for someone like me who uses a 16" M1 Mac MacBook Pro (32GB RAM) for Lightroom, the need for 24 GB of RAM is needed. In fact, if I didn't have my 32GB of RAM, with Outlook and Lightroom open, there would be a significant amount of swap memory used.
Also, in my real world experience, I bought an 8GB M2 Mac Mini, loaded Lightroom and Outlook on it, even with swap memory the system started lagging. So I had to return that system.
I might simply use my 16" M1 Max MacBook but keep it connected to the dual Studio Displays, then buy a new MacBook Air with 24GB of RAM for use on the sofa, bed, or when traveling. It's cumbersome to keep unplugging the MacBook Pro from the displays as it is mounted underneath the desk.
*Note: When using Outlook, Calendar, Mail, and Safari (four-five tabs) simultaneously, the MacBook Pro is using about 20-24 GB of RAM.