A current bottleneck for quantum computation is the realization of high-fidelity two-qubit quantum operations between two or more quantum bits in arrays of coupled qubits. Gates based on parametrically driven tunable couplers offer a convenient method to entangle multiple qubits by selectively activating different interaction terms in the effective Hamiltonian. Here, we theoretically and experimentally study a superconducting qubit setup with two transmon qubits connected via a capacitively coupled tunable bus. We develop a time-dependent Schrieffer-Wolff transformation and derive analytic expressions for exchange-interaction gates swapping excitations between the qubits (iswap) and for two-photon gates creating and annihilating simultaneous two-qubit excitations (bswap). We find that the bswap gate is generally slower than the more commonly used iswap gate, but features favorable scalability properties with less severe frequency-crowding effects, which typically degrade the fidelity in multiqubit setups. Our theoretical results are backed by experimental measurements as well as exact numerical simulations including the effects of higher transmon levels and dissipation.