Your system has run out of application memory -- 101 GB, way over limit

Hi folks, I'm wondering if this is an issue with Premiere mismanaging memory on MacOS Monterey and/or Apple Silicon -- every time I have used Premiere since getting this new computer, after 30 min-1 hour I get an alert similar to the one attached (your system has run out of application memory).

I have attached screenshots showing my Premiere memory settings and the views in Activity Monitor at the time of this particular instance.

Note: I am currently running Premiere in Rosetta mode to enable to use of certain plugins, but this happened the exact same way running in native mode. Also, this issue happened exactly the same way when I had my memory settings on "Memory." It seems to me that Premiere is simply not clearing the memory it is alotted (see the 93 GB of compressed memory for Premiere Pro as shown in Activity Monitor).

Is this read on the situation correct? Does anyone have any idea what the source of this error might be and whether there is a way to circumvent it?

(and yes, I have cleared the media cache fully and restarted the computer multiple times over the last couple weeks, and have consistently had this issue. It is resolved by restarting Premiere, which clears the app memory, but comes back in the next session)

MacBook Pro 14", Apple M1 Pro w/ 8-core CPU and 14-core GPU

MacOS Monterey v12.0.1, Premiere Pro v22.0