Premiere Beta runs out of Memory on Mac Mini M1 (says 70GB used)

[#1]

Premiere Beta runs out of memory on my Mac Mini M1 (16GB RAM). To be specific, the window that pops up is from Mac OS, and Premiere seems to be OK but I save and close to be safe.

The weird thing is, the popup claims Premiere Beta is using 70GB memory. But I have it configured to optimize for "Memory" (not "Performance") and to use 8GB memory max.

The project has over 100 raw media footage files in it, each 2-3 minutes long. They're not all in use in the open Sequences, but they're imported in the project. Is Premiere Beta loading all of those clips in RAM, even if not used in any open sequences?

[#2]

@Geoff5CBF No, Premiere would not be loading all those clips fully into RAM. That sounds like some other kind of memory issue. Is it possible to share your project file (no media) with me so I can see if I can make this happen on my end?

[#3]

Sure, here it is, thanks!

[#4]

https://www.dropbox.com/s/6b7pi3ahipuh0kw/what%20you%20need%20to%20know%20-%20season%202.prproj?dl=0

[#5]

I'm having the same issue but on the air - using 50gb of memory somehow?

[#6]

just had this issue on the air, says it was using 72gb memory.

i noticed my program did feel a bit slow until i finally got the notification.

i tried to save & quit, it took like 10 minutes to save and the froze and i had to force quit

[#7]

Just happened again, right when I went to Export. Seems to be related to Rendering/Exporting.

[#8]

I'm having the same issue but on the air - using 50gb of memory somehow?