Kevs,
If the MB Air M1 is an 8GB Mac, then what you are seeing is the result of a memory leak in the Google Chrome browser application....there have been lots of discussions concerning exactly that issue across other forums.
Check for an update to your Chrome application often as there have been many adjustments since the M1 Macs have been released and not all of them have been fully effective. Once Google gets the code right in their browser application, you should stop seeing the "run out of application memory" error.
FWIW, the 16GB version of M1 Mac is seeing this same issue, but only under heavier usage.
OBTW, what used to be normal using your older MacBook and the previous versions of Google Chrome is not applicable to the current hardware and software that you are using even though the NAMES might be similar.
