fallocate vs dd for swapfile?

From the mkswap manpage:

Note  that  a  swap  file  must  not contain any holes.  Using cp(1) to
create the file is not acceptable.  Neither is use of  fallocate(1)  on
file  systems  that support preallocated files, such as XFS or ext4, or
on copy-on-write filesystems like btrfs.   It  is  recommended  to  use
dd(1)  and  /dev/zero in these cases.  Please read notes from swapon(8)
before adding a swap file to copy-on-write filesystems.

And from the swapon manpage:

You should not use swapon on a file with holes.  This can  be  seen  in
the system log as

      swapon: swapfile has holes.

The  swap file implementation in the kernel expects to be able to write
to the file directly, without the assistance of the  filesystem.   This
is  a problem on preallocated files (e.g.  fallocate(1)) on filesystems
like XFS or ext4, and on copy-on-write filesystems like btrfs.

It follows that, while fallocate may be faster than dd, it's not suitable for creating swap files and not supported by swap-related tools.