Don't drill just yet. Penetrating oil won't do much if it's so seized there's no way for the oil to seep through.
But firstly, you need to take the weight off the swingarm. It's putting stress on that bolt and gripping it tighter. Put the bike on a MX stand where the rear shock and linkages are unloaded.
Now, with a heat gun or gas torch, heat the metal around the bolt. On the spacers, the frame etc. BUT NOT THE BOLT....
Have an assistant hold the bike and then with a proper metal lump hammer, smash that bolt square in the face. It should budge. Then drift it out using some steel round bar.
Once out, rebuild with new bolt, bushes and bearings etc.
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Did some trips.
Rode some bikes.
Fix them for a living.
Can't say anymore.
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