Raspberry Pi is really not comparable. The µSD on Raspi has to do all the work that the eMMC does on the L5, including everything that goes in and out of RAM.
As the OP explains and IrvineWade concurs (I believe), rapid swapping in and out of RAM will still use the zRAM on the L5. He [EDIT: “he” referring only to the OP and definitely not including IrvineWade] presents the case for supplementing the zRAM with a larger but slower swap space. He and I just propose different ways of doing this, and I have given reasons why some users might be better served by a swap partition on the µSD.
Personally, I am a very light user of the L5 and doubt that my swap partition will make any noticeable difference to its operation. However, it does no harm, and µSD storage is cheap.
The other big difference is that the one µSD on Raspi is the only persistent storage, holding the OS as well as all your media. If it wears out, you no longer have a computer. If the µSD on the L5 stops working, all you lose is the 3000 videos of your dog catching a frisby, plus the swap space that your device never used to have in the first place. There is even a question whether deterioration of the swap partition would cause any loss at all of the media in the FAT partition.
If the swap partition doesn’t seem to be working any longer after a year or two, another swap partition can be carved out of the FAT and the /etc/fstab pointed to the new UUID instead. Alternatively, you might buy a new µSD once in a while.