"We compare explicit memory management to both copying and non-copying garbage collectors across a range of benchmarks using the oracular memory manager, and present real (non-simulated) runs that lend further validity to our results. These results quantify the time-space tradeoff of garbage collection: with five times as much memory, an Appel-style generational collector with a non-copying mature space matches the performance of reachability-based explicit memory management. With only three times as much memory, the collector runs on average 17% slower than explicit memory management. However, with only twice as much memory, garbage collection degrades performance by nearly 70%."
https://people.cs.umass.edu/~emery/pubs/gcvsmalloc.pdf
So you're still paying for it, just in a different dimension.