In short, yes, sort of.
Essentially, the printer requires multiple dots of multiple colours to "make" the colour of the pixel that you are to perceive. That doesn't mean that it actually does lay down that many dots in that length, but that it has the resolution to place a dot within that tolerance. It is a combination of dot colour, placement, size and quantity that allows the creation of the colours.
So, if a printer had that resolution then it could place a dot down anywhere of 4800 places within that inch length and any of 2400 places within that inch height. The actual number it puts down will vary - it will actually be a lost less than that, but it *could* lay them down, but they would overlap a huge amount because the size of each dot is much larger than 1/4800th of a inch.