You're probably correct, although I have no experience with zram so can't be sure. But you're absolutely right that PostgreSQL depends heavily on the OS disk cache for optimal performance. Lowering the PostgreSQL setting like Blaster M suggests won't improve performance much, since all that setting does is tell PostgreSQL's algorithms how much memory is likely to be allocated to the OS disk cache. Of course it's best if it's accurate, so you're best off seeing how much memory is actually allocated to disk cache under heavy use before setting it, but it shouldn't massively reduce performance if you don't get it right.
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Lower the postgre to 8GB and see what happens? Also, hard drives, ssds, or nvme ssds? Recent info suggests it is possible memcaching is actually slower than direct access to nvme ssd