Full-body resistance training that happens to feel like cardio.
Water is roughly 800 times denser than air, so every stroke pushes against real resistance the whole way through. At the same time, your body works to stay warm in water that's almost always cooler than your skin, adding to the energy cost beyond the movement itself.
At 8.3 MET, swimming sits just below running in burn rate, but spreads the effort across your arms, legs, and core simultaneously rather than loading mainly your legs.