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Can Frames support use cases that involve a token swap (buy token A with token B)?

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AFAIK not really. The concept of signing within a Frame is in the context of a unique generated key, which is independent on your connected wallet address. Thus it has no funds and can't make approvals / token transfers. However with some additional setup I think it could be possible... cont.

A very simple example would be a permissioned router. You approve this contract from your connected wallet address (so that it can swap for you), and you trust an off chain service (i.e. the frames backend) to trigger the swap to happen. There must be correct permissions on who can "trigger" the swap to happen... cont.

Since it can lead to loss of funds depending on how the contracts are written. You can remove some trust in the off chain service by checking that the signer of the message received in the Frame, but at the end of the day you'll still have a centralized off chain entity controlling the swapping contract so not ideal.

Hope this was helpful apologies for the word dump