Video Encoding with Your system has run out of Application Memory

Hello, 

I've seen some discussion of people having a similiar if not the same issue but haven't come across any troubleshooting that remedies the problem. I'm rendering through encoder on my brand new Macbook Pro, M1Pro, 16gb and at the 8 minutes left mark on encoder it stops rendering and gives me the "Your system has run out of Application Memory" alert with no option but to close and stop rendering. I'm attempting to download older versions of Premiere Pro and Encoder to see if that will help fix? However, I keep finding it might be something to do with Monterey and memory leaking. Has anyone found any work around? Thanks!