If running low on memory seems to matter less now than it did a couple of decades ago, I'd rather say that's because fast SSDs make swapping a lot faster. Even though virtual memory and swapping were available even on PCs since Windows 3.x or so, running out of memory could still make multitasking slow as molasses due to thrashing and the lack of memory for disk cache. The performance hit from swapping can be a lot less noticeable now.

Of course compression being now computationally cheap also helps.