(22.5.0.35) Macbook / M1Max / Arm64: View > Simulate output causes hangs/crashes

H/ware: MacBook Pro / M1Max / using internal laptop screen (doesn't seem to matter which colour preset is active) or internal + external screens

OS: macOS 12.3.1

AE: shiny fresh install of the latest AE (22.5.0.35), default prefs, no 3rd party plugins

Steps to reproduce:

• New Project
• New Comp
• Project Settings > Color: set depth to 32 bit; set Working Space to sRGB
• Click the viewer or timeline to make sure the comp has focus
• View > Simulate Output > Rec.709 (or any of them for that matter)

This hangs (beachball or watch) or crashes AE here; you may need to Force Quit it (Cmd-Opt-Esc).

If anyone can confirm this happens (or not) on their machine that'd help me figure a way forward. Could be M1 based, or it could be something display related, but I've no way to narrow it down. Thanks : )