Have a look at https://wiki.archlinux.org/title/Zram - a compressed block device in RAM that can be formatted as swap. There are various tools to set it up, maybe your distro already includes one of them. And htop has a meter for it, so you can see how effective the compression is (besides its own zramctl tool).
https://www.qnap.com/en/product/qda-a2mar seems to be the one in your image. From the users guide it seems it does everything you listed. The prices I’ve seen are about 100 € / $ though plus the two SSDs you need, personally I’d invest in external backup instead, that covers more data loss scenarios than this adapter.