It is possible due to the fact that VRAM utilization is game dependent, and not GPU dependent.
Meaning that when game is coded to use 3 GB of VRAM, it won't ever use more, even if you have loads of VRAM, e.g 24 GB. Game still uses up to 3 GB.
Now, if you'd be short of VRAM, e.g game needs 8 GB of VRAM but your GPU only has 6 GB of VRAM, then you'll take performance hit when playing a game. Either lowered in-game graphics or lower FPS.
Vram holds the video code you need to run the game.
The game manages it and probably does not need more .
A more worrying stat is the 100% gpu utilization.
It indicates that your game is limited in performance by the gpu.
Or, that the gpu has a problem.
If your game performance is good, do not worry.
If you think it is lacking, tell us more about the game and all of your pc specs.