Unless they've figured out how to let you store two bits per bit, it's still obviously a dubious claim. My x86 desktops have also had zswap for a decade, so whatever magic fairy dust they have can't be that simple.
That's about it. If you're doing anything other than regular web browsing and word processing it's not going to be the same as having 16GB. But I'm certain the average Mac user is not a developer, video editor, or other power user.
Like it or not, tech nerds are not the average consumer of Apple hardware.