Earlier quoted context omitted.
No, it's worse than that - the answer is "yes", because virtual memory + overcommit means that most of the time the OS will happily allow you to allocate more memory than physical+swap, and essentially gamble that you won't actually need all of it (and this is implemented because apparently that's almost always a winning bet).
Yeah. And the issue is that the actual problem happens sometime later when the application actually tries to use that memory. So you replaced an error that is relatively simple to handle with something that is impossible to handle reliably. So the operating system very much doesn't like to admit it doesn't have physical memory to back the area you are trying to use. Now it does not have a simple way to signal this to…
In a system without overcommit, every process is taking memory out of the shared pool, until some random process is the unlucky one that can't allocate more. In a happy case, that unlucky process also has some data that it can let go of. But this is entirely random - you could have a bunch of gigabyte-sized application caches in half of your processes, but the NTP daemon might be the one who cends up failing because it can't allocate a few more bytes. Even worse, it could be the SSH server or bash failing to spawn a new shell, preventing any kind of intervention on the system.
With OOMKiller, you can at least define some priorities, and ensure some critical processes are never going to be killed or stalled.