Premiere 23.4 and 23.5 (Beta) using all system RAM

I am seeing the RAM usage go up to 99%. Ignores Prefs>Memory setting to reserve RAM for other apps. After a while it freezes. Seen this on 23.4 and 23.5(Beta)

Big production, 40 projects, 20,000 files across local SSD drives.

Happens either when I transcribe a bunch of files or where it is making a large number of peak files. Doesn't happen during normal editing or export.

Process Explorer minidump taken while it's doing that: https://drive.google.com/file/d/1hqAR8PrJEnWsCzKuqNcQY6Dw4Z9qVh_b/view?usp=share_link

System info
    Application: Premiere Pro (Beta) v23.5.0.42
    OS: Windows v10.0.19045, RAM: 127.90 GB GB, CPUs (logical): 48 (3960x)