In theory if you get just the right number of air exchangers such that the same amount of air moves through as it would with a 'loose' house, you get the same airflow with almost none of the convective heat loss/gain.

This is however, very much in theory, since as far as I can tell we're still in the early stages of figuring out how to do airtight houses well. My home was built in ~2006 and has an unhealthy CO2 build-up if I close the windows, since it has no active ventilation whatsoever.