How to resize ZRAM (compressed swap) managed by systemd/zram-generator

Fedora Linux 33 was released last week with some interesting changes like switching the default file system to BtrFS, handing DNS resolution over to systemd-resolved, and enabling ZRAM instead of a swap partition by default. ZRAM is a Linux kernel subsystem for handling compression of volatile memory (RAM). Compression sacrifices some processor time in exchange for more space-efficient utilization of your available RAM. ZRAM acts like a traditional storage drive backed swap partition, except that it lives entirely in your system RAM. The exact compression ratio you can expect depends on what you’re keeping in memory.