I am also of the opinion that it is easier for someone to overdo/do improperly cycling, whether its stationary or proper (outside, in various conditions) than it is for someone to go wrong with swimming.
If you have good strokes ability and a decent history of engaging in swimming training, then I think--short of drowning (heaven forbid), ear infections and pool chemical irritation--it's hard to go wrong.
There are probably many reasons why swimming, at least in my opinion, can be so beneficial to overall health, physical fitness and ability and distance running training, many reasons of which I can't list here, but one big theory I have is that at least moderately hard swimming training with high stroke competence "teaches" you to breathe.
There are running training theories/philosophies that advocate speed and muscle strength, not as opportunity costs/tradeoffs for endurance but as essential assets in the toolkit. I think this might be even more applicable for the contribution in regards to breathing that swimming entrains, i.e. having less diminishing returns, as the ITU triathlete suggests, moving up distance.
But then again, I am not a triathlete--certainly am nowhere in the league of being close to the realities of Iron man triathlons--and certainly have never combined swimming training with training for anything marathon distance and up.