That depends on how you view swapspace; on most devices, swapspace is either created as a separate partition on the disk or as a file living somewhere on the filesystem.

For practical reasons, swapspace isn't really the same thing as keeping it in an actual storage folder - the OS treats swapspace as essentially being empty data on each reboot. (You'd probably be able to extract data from swapspace with disk recovery tools though.)

On a literal level it's not the same as "keep it in RAM", but practically speaking swapspace is treated as a seamless (but slower) extension of installed RAM.