It is almost as though the only way to significantly increase your training load is to run. I do 15 hours per week swim/bike/run training, and when I swim there is no effect on my training load. For that matter, the bike effect is drastically lower than my perceived exertion. As a result, I've found the feature to be almost useless as a triathlete. I think if I were on a run program it would probably reflect reality.
I swam for an hour this morning and my training load is literally lower than before I got in the pool this morning.
OK I'm going to stick my neck out and say this has been fixed now. I did a pretty moderate session today and got an aerobic/anaerobic TE of 2.9/2.2 and a training load increment of 79, which seems a lot more reasonable.