Not even close :P. Swish is used for flash text effects mostly for users that are, and yes I’ll say it, too lazy. Swish can be used to create effects in a fraction of the time for flash text.
After Effects on the other hand is used for digital video and movie editing. AE can be used to create text effects as well, but it will look at least 10 times more realistic and powerful. AE can be used to generate effects such as realistic water, clouds, 3D Lines, and can apply almost every single filter (manipulation) that photoshop can. AE has photoshops capabilities packed into it, so you can edit video in extremely realistic environments.
You need to use AE and Swish yourself to figure it out. In summary, Swish can be used for simple text effects, and AE can be used to apply amazingly powerful effects on movies, graphics and video ;).