To a degree. Both memory and disk bandwidth are shared resources. It's hard to prevent one algorithm from stomping on another without giving it exclusive control. So while you may be able to swap in a memory manager that doesn't have this pathological case, it might negatively affect other applications.

To give an extreme example, imagine that an application sets up a custom memory manager that takes all available RAM, and makes it exclusive to that application. In reality, it would probably be less insane, but you would still get regressions with multiple memory managers. And if you decide you have to have one true memory manager... you're back to the situation that exists today, only potentially slightly easier to configure away from bad behavior.