Swimmers train threshold and aerobic capacity (let’s not call it a “VO2 interval” – tons of different durations and intensities can elicit VO2), but they don’t do 2 x 20 or 5 x 5 all season long.
A swimmer might train threshold by doing 100s at their 1500m pace on :30 rest (or a bit less). 20 of those would accumulate time at HRs and lactate concentrations that would stimulate FTP development, without the boredom of 20min repeats, and by swimming closer to race speeds (if they were a 1500/400m freestyler, for example).
A set I did too many times in my life was to do 10 x 200 at my 200 split for a 400m, with :30 down to :15 rest between them. By those last 5 reps you were at VO2 max. But, you were swimming race speed and getting short breaks.
Unless you’re doing a race with a lot of 5-minute hills, 5 x 5 isn’t going to always mimic race conditions. Those moments you hit VO2 max during races are often when you have to hit several short surges in a row, and then the last one cooks you. So, both for a mental break but also to train “go back to the well", a cyclist could do something like 8 x 2:00 @ 115-120% with :30 breaks. 2 sets of that would be a productive VO2 session.
Similarly, unless you are a TT’er or in a long solo break, you probably don’t have many moments of riding for 20 or 30 minutes at threshold. As a TT’er and climber, I did plenty of 2 x 20s, 2 x 30s, HoP, etc.. But, in the winter I’d also do stuff like 20 x 1:00 at 110% on :15 coast/soft pedal. That ends up averaging about FTP, but it’s hitting the fast twitch muscles a little harder and doing something more like the variable efforts in a race.
I never did, not prescribed, these kinds of workouts outdoors. The trainer can be the drainer, too much isopower over the winter can dull you a bit, so I see “swimming sets” as another tool in the indoor training kit. I wouldn’t do all short duration, short rest, nor would I do all 2 x 20, 5 x 5, etc.
It’s all about working out the math – what power would you need to hit on the work intervals to end up averaging target for an isopower interval? A rider with a threshold of 300w, ok, they do 300w for 2min and coast for 15 sec. 300 x 8 = 2400. 2400/9 = 267. So, the average work is 89% FTP, the low end of sweet spot, but the rider is having to make threshold wattage, albeit in small chunks. Cut the rest down to :10, now the average is 92%. Cut it down to :05, now it’s straight threshold work. And if the rider could do a couple of workouts with those :05 rests, now maybe just go isopower for 20min at FTP.
Vary the stimulus.