This is true but only to a point. I have 64GB of RAM and I have seen Photoshop overshoot that and start eating up 20gb of page file. Working with the exact same files in Affinity Photo - it uses a quarter of that.

There is a difference between “Efficiently use available memory for program functions” and “Fill all available memory with bloat and poorly coded rubbish”

If your software’s function can be replicated using only 1/4 of system memory then your software is poorly written. Which Photoshop is.