Php7.conf Breaks 404 Handling..?

I have a basic Nginx php site (i.e. no CMS). The standard install includes common/php7.conf.

In part php7.conf contains:- location / { try_files $uri $uri/ /index.php?$args; }

Which appears to write any file or directory that is not found to index.php. Shouldn’t 404 handling just be left to Nginx without involving php at all…?