Not Enough Memory (RAM) Error on system with 32GB of RAM

In the last few weeks Photoshop has become increasingly unstable with a lot of seemingly random crashes, and now I'm getting nonstop RAM error messages using multiple tools, such as the selection and regular brush tools. I've tried reinstalling Photoshop, my graphics card drivers, and creative cloud, but nothing has worked.

System Specs:
Processor AMD Ryzen 7 2700X Eight-Core Processor 3.70 GHz
Installed RAM 32.0 GB

NVIDIA GeForce GTX 1070 Ti (driver version 472.12)

Edition Windows 10 Pro
Version 20H2
Installed on ‎3/‎24/‎2021
OS build 19042.1237