Yes and in fact, the majority of embedded systems are actually running not with 64-256MB of RAM, but 64K-256K of RAM. For example, the STM32 line of Cortex M microcontrollers (MCUs) usually have between 32-256K of RAM, and 128K to 2MB of on-chip flash. Different world from a multi-core 1.5 GHz infotainment system (which is arguably embedded), which in turn is different from a laptop with 32GB of DDR4 or a server with .... well, you know....