Yes it is. The 1MB cap technically still exists on older versions of Bitcoin core, and since Bitcoin is backwards compatible, different types of data are weighted differently when calculating block size.

Essentially, the sender/receiver data was split from signature data during segwit soft fork, so that we could still validate 1MB blocks on older clients while also allowing for more complex transactions and slightly larger blocks. The new theoretical cap is 4MB, but only if it fits certain criteria (normally large signatures or witness data like used in ordinals). Blocks full of regular, financial transactions will almost never exceed 2MB.

It's full of transactions but not witness data from shitcriptions