Sort of. iOS does have a virtual memory system, but it's not as forgiving as a full OS would be; applications that fail to free up memory when asked to (i.e. in a low memory situation) are killed by the OS. See also: https://developer.apple.com/library/mac/documentation/Perfor...
That should be much easier to optimize against vs having no paging at all though. Are Apps running in the background asked to free up storage or be killed before the active app needs to do the same or are they referring to the active app ?