No, the session state itself may be orders of magnitude larger than an id. At 4 bytes per token you can store up to 250M ids per 1 GB. But session state might store kilobytes of data per user for roles, permissions, names, descriptions, links etc.
And you're overestimating the necessary size of a revocation store. Only a tiny fraction of your users ever log out or otherwise invalidate session via means other than TTL. You're looking at storing just a couple thousand 4-8 byte revoked session ids and ttls instead of gigabytes of session data.
If you have a security breach and need to invalidate all tokens, just reject all tokens with an issue date before it's fixed. And they all fall off anyway after a week (or however long the ttl is).
By your measure, 1GB can store a lot of tokens in memory: 32B tokens + that again as metadata (e.g. user ID + TTL in Redis) = 15,625,000 tokens.