Not exactly, but also true. As systems have gotten faster, page file virtual addressing has gotten more transparent, the load is a very small percentage of CPU time now. But the system still expects to see a size based on Base2 binary, starting with a 1 and then being all zeros. It will write each page as a 4kb page or slice of data. A simple way of seeing this is to enter 1 and a 0 into your electric slide rule, then look at the result. Repeat the process adding a zero each time. The results will be well known numbers.
Here is a link to the best place I know to get plain English answers on this stuff.
http://aumha.org/win5/a/xpvm.php
If you need more details, then we suffer the Chinese horror of the 1000 white papers