What is exchange space in ram?

[LansoirThemtq]

I am a bit confused about how much space on a hard disk is used for paging and exchange space. In the scenario where we have a process that uses newer pages in virtual memory and eventually runs out of physical memory frames, I have some questions:

When we choose a victim to remove from RAM, is their frame converted into exchange space or paged to another location outside of the exchange space on the hard disk?

Additionally, I have observed that the exchange space is usually around 1-2x the size of RAM. Does this mean that the process can only use RAM and exchange space together, or is it more limited by the size of virtual memory?