Hello and welcome to permies.
These are different methods for different types of cultivating.
With a swale, you can hold more
water, but it is recommended for
trees, and you have to mulch the swale, and stabilise the terrain with fast seeds and saplings.
It also needs to consider the spill out, this is where the excess water is going to evacuate so it does not ruin the
land below. Typically in a cascade of ponds.
With keylines some water may be lost downwards, but the management is very easy. The lines can be plowed with a simple knife tool that breaks just a line where the farmer places the seeds, so the earth is not loosen by the landscaping. Once the seeds grow, their stems and
roots will create the barrier that will hold the running water. The disturbance is minimal, the risk of overflow is low, and only one contour line needs to be measured since the other lines are measured against the first line with a simple rule.
Ponds can be used to store surface water in both cases, but they are more useful for swales.