When TestV is run, is it fully loaded into memory, or are parts of it swapped in and out of memory?
The app or the app and all of its data? The data is swapped in and out as needed, otherwise you'd see TESV occupying the same amount of memory as the data folder which is way more then the 32bit executable can map. You'll also notice that when you're running around a small indoors area the game's system and vram usage is lower then say wandering the wilderness and the amounts will grow/shrink as you change zones. If the game had a genuine 64bit executable it could probably throw the entire thing into system ram (provided you have enough room) but currently it has to pick and choose what's relevant to the scenes you're in due to the 4.3GB limit of a 32bit LAA enabled executable.
Meanwhile, a hacky work-around to that if you're looking to take advantage of a lot of system ram is to make a ramdisk, throw the game's folder in there and launch from there. ;)