No, you need to have extra space for the context (which requires more space the larger the model is).
But it should be said that basing model quality on its size in GB is like qualifying a video based on its size in GB. You can have the same video be small or huge with anywhere from negligible to huge differences in quality between the two.
You will be running quantizied model weights, which can range in precision from 1 to 16 bits per parameter (the B for billion in the model name). Model weights at Q8 are generally their parameter size without the B in GB (Llama 3 8B at Q8 would be ~8GB). There are many different strategies for quantizing as well, so this is just a rough guide.
So basically if you can't fit the 48GB model into your 48GB of VRAM, just download a lower precision quant.