Just for context EC2 typically uses network storage that, for obvious reasons, often has fairly rubbish latency and performance characteristics. Swap works fine if you have local storage, though obviously it burns through your SSD/NVME drive faster and can other side effects on it's performance (usually not particularly noticeable).
Thanks, I'll keep that in mind if I start to use EC2 for workloads.
However, from my experience, normal (eviction based) usage of SWAP doesn't impact the life of an SSD in a measurable manner. My 256GB system SSD (of my desktop system) shows 78% life remaining after 4 years of power on hours, which also served as /home for at least half of its life.
You don't care about life of any hardware in the cloud, that doesn't really matter either unless you work for the cloud provider in their datacenter teams.