I think 'memory' in that context is meant in a broader sense. A 32-bit program can (usually) only access a 2GB memory space - it's a limitation of addressing (referencing the memory) rather than of any particular sort of memory.
It doesn't matter whether the 2GB of data happens to be in RAM or in the page file. The program doesn't actually know which parts of its data are in RAM, because Windows handles that stuff transparently. Windows presents the program with a continuous memory space and then maps that memory space to RAM and/or pagefile behind the scenes. That way Windows can shift data in and out of RAM where required, without the program losing track of it and throwing a wobbly. Virtual memory is pretty clever stuff.
It doesn't matter whether the 2GB of data happens to be in RAM or in the page file. The program doesn't actually know which parts of its data are in RAM, because Windows handles that stuff transparently. Windows presents the program with a continuous memory space and then maps that memory space to RAM and/or pagefile behind the scenes. That way Windows can shift data in and out of RAM where required, without the program losing track of it and throwing a wobbly. Virtual memory is pretty clever stuff.
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