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Let's do it quick!

Find your device's sway identifier: swaymsg -t get_inputs.

Mine looks like this:

...
Input device: TPPS/2 Elan TrackPoint
  Type: Mouse
  Identifier: 2:10:TPPS/2_Elan_TrackPoint
  Product ID: 10
  Vendor ID: 2
  Libinput Send Events: enabled
...

Test what value fits you:

swaymsg 'input 2:10:TPPS/2_Elan_TrackPoint pointer_accel -0.5'

Value is in range [-1; 1], 0 is the default, so -0.5 will decrease sensitivity by a half (whatever that means), and 0.9 will increase sensitivity almost to its full.

Once you're good, just append the input ... command to your sway config for persistence.