NVIDIA Grace--Blackwell systems make CPU--GPU memory increasingly unified at the programming level, but unified addressability does not make the memory system uniform. A CUDA managed allocation on GB200 may be served from GPU-local HBM, accessed through host/system memory, demand-migrated, prefetched, reused after GPU access, or evicted and reloaded under capacity pressure. The problem is that these states share a programming interface while exercising different hardware paths and runtime mechanisms, making a single ``Unified Memory bandwidth'' number misleading. This paper presents a placement-controlled microbenchmark study of CUDA Unified Memory on NVIDIA GB200, using GH200 as a Grace--Hopper baseline and GB10/DGX Spark as a validation platform. Our methodology separates local HBM access, host/system-memory access, explicit movement, managed first touch, prefetch, reuse, access-pattern sensitivity, oversubscription, and CPU--GPU handoff, then summarizes the observations with a measurement-calibrated model of compute, access, migration, eviction, synchronization, and handoff costs. On GB200, a 1~GB STREAM-style triad reaches 3963~GB/s from local HBM but 304~GB/s through host-mapped CPU/system memory; for a 256~MB streaming kernel, cold CPU-initialized managed memory reaches 14.1~GB/s, while managed prefetch and reuse reach 4606~GB/s and 4504~GB/s. Below the capacity boundary, prefetched and reused managed memory remain above 4.6~TB/s, but at 125\% of CUDA-visible memory they fall to 968~GB/s and 1214~GB/s, showing that Grace--Blackwell unified memory must be understood through placement, access history, locality, reuse, and capacity pressure.

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