Yes. The term dates back to hard drives, where using only a fraction of their capacity would minimize the worst-case distance the heads needed to travel, reducing the portion of seek latency due to head movements (but not helping with rotational latency).

On most hard drives, the beginning of the logical block address space corresponds to the outer edges of the platters where the bits are going past heads with the highest linear velocity, so sequential throughput is higher than elsewhere on the disk.