Premiere Pro doesn't use Page File

I have 32 Gb of RAM, I havily use Twixtor plugin among others, mostly 4K Cineform footage.

As I keep rendering previews, memory usage slowly grows to max of 32 Gb as seen in Windows Task Manager. As this is happening, CPU Usage drops to zero, then memory get purged and CPU Usage picks up and rendering continues. My Page File is set to 96 Gb, pointed to a NVME SSD, but according to Page File graph in Performance Monitor, Page File usage never raises above 5%.

Why doesn't Premiere use Paging File? Is it programmed not to use virtual memory?