The swap Monte Carlo algorithm introduces nonphysical dynamic rules to accelerate the exploration of the configuration space of supercooled liquids. Its success raises deep questions regarding the nature and physical origin of the slow dynamics of dense liquids and how it is affected by swap moves. We provide a detailed analysis of the slow dynamics generated by the swap Monte Carlo algorithm at very low temperatures in two glass-forming models. We find that the slowing down of the swap dynamics is qualitatively distinct from its local Monte Carlo counterpart, with considerably suppressed dynamic heterogeneity at both single-particle and collective levels. Our results suggest that local kinetic constraints are drastically reduced by swap moves, leading to nearly Gaussian and diffusive dynamics and weakly growing dynamic correlation length scales. The comparison between static and dynamic fluctuations shows that swap Monte Carlo is a nearly optimal local equilibrium algorithm, suggesting that further progress should necessarily involve collective or driven algorithms.