Not just wear, this also should shorten the swapoff/on refresh slowness a fair bit since this ring moves the swap one way.
Why so? In ereswap config, you can define both main and "backup" swap as partitions on microSD ,(mmcblk1p2 and mmcblk1p3 in this case) which leaves internal swap out of use (it can even not exist) making it fully compatible with your use case