Force Quit Applications prompt keeps popping up since updating to v24.0 this morning

I'm running Sonoma 14.0; I never ran into this problem before this morning when I installed version 24.0.

The message says, "Your system has run out of application memory - To avoid problems with your computer, quit any applications you're not using." Also, Premiere freezes for a minute when this window pops up or even freezes to a point where I have to force quit the application.

I'm cutting footage and messing with the lumetri color panel. It also happens when exporting a video.

I'm using a 2023 16" Macbook Pro with an M2 Pro - 16 GB RAM (currently 6.8 GB available) and 1 TB storage (217 GB available) - I already tried restarting the computer.

Does anyone know how to fix this?

Update (3rd Screenshot):
I opened the Intel version and was simply playing back the footage while correcting the transcript. The Message popped up again, and premiere pro is completely frozen with the beach ball. All other apps are running normally.