Short answer yes, if no reservation are set, resources are allocated dynamically. In the event of contention, shares values will be used for resources allocation. VMs with lots of unused memory are taxed (idle tax) and reclaimed through ballooning. The important thing is to know what workload the vm is running, and if VMs are using memory to cache content, i.e sql or exchange and these could get reported as oversized VMs. Monitor the VM over period during normal business cycle and size your vms accordingly.