Using the latest version of After Effects on a M1 Max with 64 GB of RAM (22.4.0).
I am constantly running up against the error "Your System Has Run Out of Application Memory" - it happens when I run RAM previews or run any kind of analysis like 3D camera tracker or warp stabilizer. It is repeatable.
The bug consistently pops up at around 170 GB.
This is a new problem that I suspect has to do with Apple Silicone. Seems to be a memory leak.
It happens with all Adobe Apps - After Effects, Photoshop, Premiere.
A lot of folks are experiencing this.
Adobe solution is probably "try the beta" but how many versions of CC am I running already? 3!? Guys get with it.
We addressed a number of memory issues in After Effects 22.5, which just shipped. I suggest giving that a try. Also check how much memory you have allocated to After Effects in the preferences. Preferences > Memory & Performance.
Please let us know if you're still having trouble.