No, I think you are wrong. I was given two choices:
1. turn it off for the C drive
2. turn it off for the C drive and also for the subfolders and files on that drive
I chose number 2 choice and then was not allowed to do that because I am running as Admin but NOT as the default hidden Admin account. I have that account unhidden and password protected but I wasn't on it and evidently only on that account can I fully turn off indexing on the drive where the page file sits. Plus, I was not allowed to turn off indexing AT ALL for the paging file.
It was NOT turned off at all when I was told that I couldn't turn it off for both the C drive and the C's subfolders andf files. (Actually, I was told I could turn it off if I used the default hidden admin account which made no sense that UAC would be interfering since I have UAC completely turned off in the registry). Plus, I was told indexing cannot be turned off on the paging file if it is in use. It is always in use...sooo....
I could choose number 2 for my D drive which is my data drive. No UAC prompt and no complaint about the paging file. It was ON for Drive D when I unchecked the box in "turn it off for the d drive and also for the subfolders and files on that drive" and it worked with no UAC prompt and no complaint about the paging file (which is not on the D drive).