Running out of Application Memory

As I am trying to export a video in Premiere Pro I am having an issue where I am unable to do so.
I am constantly running out of application memory, this issue is highly known in adobe community.

The following things is what I've already tried to fix this issue in hopes of not having to make a post about it:

• Cache Cleared
• Space made in all SSD's on my mac (I have over 75% free space in the SSD where my project is saved on)
• Tried an older Premiere version (24.4 / 24.6 / 25.0)
• Tried the newest Premiere version (25.1)
• Updated my mac
• Currently Premiere is using 13GB off of my 16GB Ram in premiere settings
• Made sure to copy my project in a new sequence / new project
• Tried to change the Renderer in Premiere settings
• Tried rebooting my mac
• Made sure only Premiere is running when trying to export
• Tried exporting in a new Project / Sequence where the settings where not 4K but 1080p

I've got a M1 Pro 16GB RAM macbook. I had never this issue before, this is the first time I'm running low on any memory.
My projects sometimes did run slow so I always made sure to have enough space on my SSD's while encoding as well as clearing the cache every 7 days. 

Any suggestions as how I could fix this issue? Thank you in advance for your time and effort!