I don't think so, though maybe I am misunderstanding. In the pathological case, imagine that a node has made no transactions at all for a year. The owner will have to go to look up how much money they have in the ledger before they can complete a transaction and discover they have no money. The space complexity of maintaining accounts is extremely small compared to maintaining transactions. All transactions that were associated with that account have been wiped from the public ledger. An archival ledger may keep a record of retired transactions, but the archival is not required to settle all accounts.