The most common and most likely answer to this crossword clue is the 3 plus 4 letter word YEW TREE
I've seen this crossword clue in Independent
Y
E
W
T
R
E
E
Buddy explains!
The straight part
We know that "yet we’re two couples swapping partners (3,4)" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case yet we’re two couples swapping partners (3,4) = yew tree.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.