Windows doesn't overcommit memory so without a pagefile the available virtual memory is greatly reduced, you can "run out" of memory quite easily with certain applications that allocate but don't use the memory.
Lots of the arguments for swap/paging seem to ignore the possibility of just buying "overkill" amounts of RAM.
On the other hand, if you have truly enormous data sets you can RAID 4 M.2 SSDs to max out a PCIE 6.0 x16 slot for 121GiB/s bandwidth in a multiple-TiB swap file. It'll be a while until SSDs get big enough for this to max out the 256TiB virtual address space of x86_64, but you can get 8TiB M.2 SSDs now...