To be fair, there was no memory pressure, and as such nothing was swapped out. (I checked. The active private set was equal to the private set.)

Counting shared memory would not have dramatically changed the value, if I am not mistaking, but Windows Task Manager does not have a good built-in way to do so without counting the same shared bytes. I do not believe it has the proportional set size option. Perhaps there is a nice third-party utility for it.

If it changes the order of magnitude of the memory usage I would be surprised since the size on disk of all of the binaries is less than the private set anyway, but if it does then I stand corrected.