when web application runs

I am reading an old  book of ASP.NET 2001 . I want to knwo if this paragraph is still valid now
Thank you in advance

<div class="title">Events in the Life Cycle of a Web Application</div> A Web application lives as long as it has active sessions, while Web forms live for barely a moment. The life of a Web application begins when a browser requests the start page of the application. (See Figure 2-12.) At that point, the Web server swings into action, starting the executable (DLL) that responds to that request. The executable creates an instance of the requested Web form, generates the HTML to respond to the request, and posts that response to the browser. It then destroys the instance of the Web form.