Yes, a "memory leak" is simply memory that a process no longer has a reference to, and thus can no longer free. The OS still keeps track of all the memory allocated to a process, and will free it when that process terminates.
In the vast majority of cases the OS will free the memory - as is the case with normal "flavors" of Windows, Linux, Solaris, etc. However it is important to note that in specialized environments such as various Real-Time Operating Systems the memory may not be freed when the program is terminated.
