Right, but a lot of high-performance code will tag the high bits of pointers anyways and apply a mask before using it for memory accesses.
So it never goes onto the address bus. So it never causes an addressing issue.
The 24-bit issue of the 68000 is fundamentally different. Those tagged 32-bit pointers were used directly, but truncated by the width of the actual physical interface so they never touched the outside world.
...until Motorola released CPUs with full 32-bit address pins on the package. Oops.