Things are not exactly like this
About path tracing, well.. thanks God modern engines uses every sort of trickery to avoid that the light emitted by a light bulb travels kilometers away, that will result in immense computing time. Once a ray reach a certain threshold and do not contribute to the scene significantly is cutted away.
About memory usage, only progressive rendering needs to keep all the assets loaded on memory every time, Vray bucket sampler for example can split the scene into smaller parts and assign every part to a CPU thread or a GPU, this will save RAM since not all assets needs to be on memory constantly and can also be loaded and unloaded on demand depending on what the bucket is rendering. Incidentally bucket rendering not only consumes less RAM, is also a bit faster than progressive rendering.