Thank you for your prompt response.I don't see why this shouldn't be the case. It's about a racing condition between swap and ARC and this should always happen when the host is running out of RAM, no matter how small your ARC is. Smaller ARC only means you are hitting that race condition later as less RAM will be used.
I am curious to know whether this issue is true also for individual Virtual Machines? Or is the problem limited exclusively to SWAP on the Proxmox host? More precisely, would any complications arise if a swapfile is created within a VM, particularly if the VM does not have an equal or higher memory allocation than the host?