System out of application memory

I have only been running into this problem since I updated this morning to the newest beta of premiere on my macbook pro M1 (16g ram).  I'm editing c200 raw footage and only have one or maybe two video in the timeline.  Its pushing past 12 gigs of memory used when I run a playback or try to export using the encoder.  It doesnt seem like im pushing the computer too hard.  I have a color correction, a lut, some warp stabilizer here and there, graphics, text, and thats about it.  No other programs open other than Safari which i just opened to write this message.  as we speak, not using premiere just open in the background, its taking 7 gigs of ram and still asking me to force quit.

In the preferences in have allocated the most ram to adobe programs (i think thats 13g).  not sure if i have any setting wrong but could use some input!  thx!