According to this session, iOS Memory Deep Dive, we had better use ImageIO to downscale images. 
The bad of using UIImage downscale images. 
- Will decompress original image into memory
 
- Internal coordinate space transforms are expensive
 
Use ImageIO
About Image in memory 
- Memory use is related to the dimensions of the images, not the file size.
 
UIGraphicsBeginImageContextWithOptions always uses SRGB rendering-format, which use 4 bytes per pixel. 
- A image have 
load -> decode -> render 3 phases. 
UIImage is expensive for sizing and to resizing 
For the following image, if you use UIGraphicsBeginImageContextWithOptions
we only need 590KB to load a image, while we need
2048 pixels x 1536 pixels x 4 bytes per pixel = 10MB when decoding 
 
while UIGraphicsImageRenderer, introduced in iOS 10, will automatically pick the best graphic format in iOS12. It means, you may save 75% of memory by replacing UIGraphicsBeginImageContextWithOptions with UIGraphicsImageRenderer if you don't need SRGB.
This is my article about iOS images in memory
func resize(url: NSURL, maxPixelSize: Int) -> CGImage? {
    let imgSource = CGImageSourceCreateWithURL(url, nil)
    guard let imageSource = imgSource else {
        return nil
    }
    var scaledImage: CGImage?
    let options: [NSString: Any] = [
            // The maximum width and height in pixels of a thumbnail.
            kCGImageSourceThumbnailMaxPixelSize: maxPixelSize,
            kCGImageSourceCreateThumbnailFromImageAlways: true,
            // Should include kCGImageSourceCreateThumbnailWithTransform: true in the options dictionary. Otherwise, the image result will appear rotated when an image is taken from camera in the portrait orientation.
            kCGImageSourceCreateThumbnailWithTransform: true
    ]
    scaledImage = CGImageSourceCreateThumbnailAtIndex(imageSource, 0, options as CFDictionary)
    return scaledImage
}
let filePath = Bundle.main.path(forResource:"large_leaves_70mp", ofType: "jpg")
let url = NSURL(fileURLWithPath: filePath ?? "")
let image = resize(url: url, maxPixelSize: 600)
or 
// Downsampling large images for display at smaller size
func downsample(imageAt imageURL: URL, to pointSize: CGSize, scale: CGFloat) -> UIImage {
    let imageSourceOptions = [kCGImageSourceShouldCache: false] as CFDictionary
    let imageSource = CGImageSourceCreateWithURL(imageURL as CFURL, imageSourceOptions)!
    let maxDimensionInPixels = max(pointSize.width, pointSize.height) * scale
    let downsampleOptions =
        [kCGImageSourceCreateThumbnailFromImageAlways: true,
        kCGImageSourceShouldCacheImmediately: true,
        // Should include kCGImageSourceCreateThumbnailWithTransform: true in the options dictionary. Otherwise, the image result will appear rotated when an image is taken from camera in the portrait orientation.
        kCGImageSourceCreateThumbnailWithTransform: true,
        kCGImageSourceThumbnailMaxPixelSize: maxDimensionInPixels] as CFDictionary
    let downsampledImage =
        CGImageSourceCreateThumbnailAtIndex(imageSource, 0, downsampleOptions)!
    return UIImage(cgImage: downsampledImage)
}