But only if you actually swap. And if you do, the performance penalty is so great compared to not swapping that any difference would be almost impossible to discern.
If you are seeing significant "spinning beach ball" time, then going to a separate swap drive might reduce the amount of time you spend staring at the beach ball by 10% or so. But increasing the memory can come close to eliminating it completely (and/or reducing the frequency). Sometimes, that isn't an option, due to budget or hardware, but the number of cases where a swap drive is a better solution than memory is pretty darned small.
In a word, yes.