Yes, the Power Wagon has a payload closer to many half tons than most 3/4 tons. It is designed for off roading, which means articulation is valued over bearing weight. There is always a tradeoff between these two things: a stiffer suspension is needed to support heavier loads (i.e. more payload) which is why 3500s and especially duallies ride like lumber wagons, but the stiffer suspension cannot articulate as far as a softer suspension without adding a load to the truck. So for better articulation, softer springs are used on the PW. It is the same reason Crew Cab Raptors have sub 1000 lb payloads in many cases; I used to work for a guy with a 2014 Raptor 6.2 crew cab who had a camper shell on it. I suspect that by the time he, his wife, and his son were in the cab the truck was close to or over payload with the weight of the camper shell-without even having a load in it. The priority is articulation rather than working, which is the opposite of most trucks.
The Power Wagon also 26 inches of suspension travel, largely due to the way the front axle is mounted and electronic disconnecting sway bar. The front axle has a system called "Articulink" that allows the axle to cam down from the control arm for a few more inches