It does if you use an inference engine where you can offload some of the experts from VRAM to CPU RAM.
That means I can fit a 35 billion param MoE in let's say 12 GB VRAM GPU + 16 gigs of memory.
I mean yeah true but depends on how big the model is. The example I gave (Qwen 3.5 35BA3B) was fitting a 35B Q4 K_M (say 20 GB in size) model in 12 GB VRAM. With a 4070Ti + high speed 32 GB DDR5 ram you can easily get 700 token/sec prompt processing and 55-60 token/sec generation which is quite fast.
On the other hand if I try to fit a 120B model in 96 GB of DDR5 + the same 12 GB VRAM I get 2-5 token/sec generation.