Yes, at 100 scale, 1 vertex = 1 pixel = 1 m
if you need better resolution, you need to lower the scale, like 50 or even 25, it will reduce the size of your terrain however.
Also, at 32x32 components, 2x2 sections and 255 quads, the overall resolution of terrain is 16,321.
Anyway, I dont doubt that many people including you, are facing insane memory utilization problem, and landscape tool can certainly use some updates/upgrades.