So does my self-hosted wp blog, for that matter. If you are using WP Super Cache correctly, you can deal with significant amounts of traffic. I've seen peaks of hundreds of simultaneous users on my blog, with a server load < 1. The server is a modest aws small instance.
But multi-author blogs with thousands of logged in users is a nightmare with wp.
I suspect 90%+ of wp blogs are in the mini-blog category though.
Every time an article is published, it causes the cache to be deleted for not only that article but related pages, which means all those pages have to be rendered again.
For one author, that can be managed. Many authors, the cache is constantly being defeated.
That's irrelevant. It's the pages view count that counts, not how many authors are in the same cms.