This made me curious, so I did a bit of digging, and found https://docs.microsoft.com/en-us/windows/win32/memory/physic... (quoted out of order for simplicity):
> Windows automatically enables PAE if DEP is enabled on a computer that supports hardware-enabled DEP, or if the computer is configured for hot-add memory devices in memory ranges beyond 4 GB. If the computer does not support hardware-enabled DEP or is not configured for hot-add memory devices in memory ranges beyond 4 GB, PAE must be explicitly enabled.
> PAE does not change the amount of virtual address space available to a process. Each process running in 32-bit Windows is still limited to a 4 GB virtual address space.
So, TL;DR, what you said :). But I'm glad I checked!