No it's not. It's an issue because address translation is expensive, involving page table walks that require complex access to large in-memory data structures. CPUs cache the results but address space switches blow them away, by the nature of what they are.

Modern CPUs (well Intel CPUs at least) have lots of features to try and mitigate these costs but they aren't widely used. For instance memory protection keys.

Modern CPUs support large pages that cut off some part of the page walk. Linux supports them transparently, so if you set up a bunch of threads sharing a single large address space it will be compacted into a handful of large pages.

Single address space OS's in a broader sense have been made unviable by Spectre vulnerabilities; these days you need an address space flush at every transition from a "more private" to a "less private" information domain, which is basically every context switch when applications can't trust one another and have mutually private information that they're trying not to disclose to other apps.

> Single address space OS's in a broader sense have been made unviable by Spectre vulnerabilities;

This is valid only for current CPUs and probably can be fixed. For example, current CPUs do not do speculative accesses for memory-mapped IO, and it means that similar method could be used to prevent access to kernel or other processes memory. There could be registers that contain lower and upper bounds of accessible memory, and they could be checked before accessing it.

MPKs fix that. They can be switched more or less instantly because they don't require a TLB flush, and (recent) Intel CPUs don't speculate through MPK boundary violations.