Low memory warning in After Effects 23.3 (2023). Only rendering 5 frames with ram preview on iMac M1

Issue:

Temporaitly, I am working on an M1 iMac (my previous setup is a 2017 iMac). No matter what I do, I can only get After Effects 2023 (version 23.3.0) to ram preview 5 frames on my M1 iMac (using OS Ventura 13.3.1).
 

Attemps to solve the issue (that did not work):

-Lowered the preview resolution to quarter.

-Lowered preview resulution to render every 10 pixels.
-Lowered preview resolution to render every 99 pixels.
-Changed resolution of comp to 540 x 540
-Removed EVERYTHING from the comp except a solid color layer.
-Imported my existing AE project into a new AE project.

Additional info:

-No third party plugins

-AE 2023 was freshly installed on machine

-Absolutely NO ISSUES have come up while working on my old iMac. The issues only occured the moment I started using the iMac M1.

Summary:

It seems I am not the only one with this issue as I have seen many posts about this as well and many replies assuring users the problem has been fixed.

The problem has not been fixed.