In context, although my wife KK believes it is her absolute right to have sex with whomever she wants, whenever, and wherever she wants, she has a different opinion when it comes to me and sex with other women. She's always been insanely jealous, even from the time we started dating, in some cases almost homicidally so.
Ironically, or so it feels, our first attempt at swinging was with a couple from KK's church. This was early in our marriage, long before any hot wife thing ever developed. I already suspected KK might have interest, or even be cheating with the guy, Jeff. His wife Karen was a petite, very attractive brunette, like a little sex "pixie," but over the top religious.
At the time, both wives were pregnant, about six - seven months, so well past the morning sick stage, well into the showing and horny phase. The four of us met at Jeff & Karen's apartment. It was weirdly tense - a hurried dinner, a round of tequila shots (this was also before significant health concerns over pregnancy and alcohol consumption was a thing), then we went for it...
I was on the love seat with Karen. Jeff and KK were on the adjacent sofa. They started kissing, making out. KK kept pausing to see what I was up to, initially, just sitting next to Karen, the both of us watching KK and Jeff making out. They were a little too familiar, comfortable with each other...
By the time Jeff and KK were making progress with one another, KK's hand on Jeff's cock, free of his jeans, Jeff's hand in KK's panties, fingering her, Karen and I had gotten closer together on the love seat. I had my arm around her, the two of us starting to cuddle together...
The instant I kissed Karen, KK went into absolute orbit. The encounter ended, badly, right then and there. We never saw Jeff and Karen after (at least I didn't, I have my suspicions about KK and Jeff), and we never returned to church... The experience was so awful, so tension-filled I never even attempted to bring it up as a possibility.
The next time something of this nature happened, was after we started doing the hot wife thing. One or both of us do an annual thing - attend KK's high school reunion. This is an event where KK hooks up with her high school ex for a two or three night fuck-fest. Sometimes she goes solo, sometimes I'm invited. On one of those trips, they ex boyfriend's flight was delayed, so he did not arrive for the first night of planned KK-fucking.
Needless to say, KK was annoyed, disappointed, and pissed. She had too much to drink. Long story short, we ended up back in our hotel suite with another couple, both former classmates of KK. We swapped partners - my drunken wife demanded that me and the other wife, Anna, put on a show for KK and Anna's husband. It was one of the more tension-filled experiences I've had; the anxiety that KK might have a break-down and consequent outburst, vs. my lust and desire to fuck Anna.
So, I think like all things, "it depends" - swinging may lead to hot wifing/cuckolding for some, and not for others.