That is not correct. Ruby do unmap pages when it has too many free pages, and it obviously call `free` on memory it allocated once it doesn't use it.
What happens sometime though is that because of fragmentation you have many free slots but no free whole pages. That is one of the reason why GC compaction was implemented, but it's not enabled by default.
But in most case I've seen, the memory bloat of Ruby applications was caused by glibc malloc, and the solution was either to set MALLOC_ARENA_MAX or to switch to jemalloc.