How can I stop JetBrains IDEs (PyCharm and WebStorm specifically) eating so much memory?

I have a new M1 Max MBP with 64 GB of RAM, and yet I’m constantly plagued by the “Your system has run out of application memory” dialog.

This happens very regularly. If I restart PyCharm and WebStorm, I will be fine for a while, but eventually it gets like this anymore.

Is there a known memory leak? Both apps are up-to-date to the most recent release.

I understand that apps takes as much memory as possible to improve performance, but this should be up to the level that this dialog keeps showing up.

Any suggestions?

Thanks!