What is the actual solution to "A low-level exception occurred in: Adobe Player (Player: 55)"?

I'm experiencing the dreaded error: "A low-level exception occurred in: Adobe Player (Player: 55)" with Adobe Premiere CC 2021 (15.2), and I have been regularly experiencing this problem with older versions over the past year.

To try and resolve this, I have reviewed dozens of threads in this support community from over the past two years - all of them referencing this error.

The closest thing I have found to an explanation is that this stems from a memory issue, with Premiere struggling to deal with rapid edits between clips.

And in my experience, this has been exactly when the problem occurs. I am literally just trying to jump cut a single .mp4, h.264 video clip. There is absolutely nothing else in my timeline.

In every single thread, the proposed solution from Adobe is to switch over to the Mercury Software engine. This is not a solution, because:

• In my case, this does not resolve the problem.
• Suggesting that I should deactivate my $600+ video card and drastically slow down my editing workflow is completely unacceptable over the long term. I could accept this for a few projects, but in my review of this forum, it is pretty clear that this has become a long-term problem.

I have tried almost every troubleshooting option imaginable. I have:

• Disabled the GPU and attempting using the Mercury Software Engine.
• Adjusted the sequence settings in multiple test project files to 4K, 1080p, and even vertical aspect ratio videos.
• Converted the project source video files to a different file format.
• Rendered proxy files and attempted to use them instead.
• Tried rendering preview files in the timeline.
• Updated my NVIDIA drivers to the most recent version available, including both the Game Ready and the Studio drivers.
• Adjusted my settings to optimize for memory, rather than performance.

My machine is powerful and capable of handling any 4K video edit:

• CPU: Intel Core i9-10850K 3.6 GHz 10-Core Processor
• GPU: GIGABYTE GeForce RTX 2070 SUPER WINDFORCE OC 3X 8G GDDR6
  RAM: G.Skill Ripjaws V 64 GB (4 x 16 GB) DDR4-3600 CL16 Memory
• Motherboard: Asus TUF GAMING Z490-PLUS ATX LGA1200 Motherboard
• OS: Windows 10 Pro

PLEASE provide assistance with this issue. This is clearly a widespread issue for multiple editors, and I am completely at a loss with this. Using the Mercury Software engine is not a long-term solution.