Chess almost never uses a knockout, because eliminating half the field after one game defeats the purpose of a tournament people entered to play chess in. It almost never uses a full round robin either, past about ten players, because twenty-four entrants playing everyone once is 276 games. The Swiss system exists to solve exactly this: everyone plays every round, and players are paired against others on the same score.
The round count is what determines whether the result is meaningful. As a rule of thumb you need enough rounds that a single undefeated player is mathematically possible to isolate — five rounds separates up to 32 players, six up to 64, seven up to 128. Running four rounds for twenty-four players reliably produces a three-way tie at the top and a tiebreak nobody is happy about.
The other advantage over a bracket is that all boards play simultaneously, so the tournament length depends on the time control and the round count, not on the number of entrants. Twenty-four players or forty-eight, five rounds at G/25+5 is the same afternoon. How the Swiss system works covers the pairing rules in detail.