It looks like I'm not the only one here dealing with this. My Windows ARM VM is using over 16GB of RAM on my MBP 16GB machine. I actually just purchased a subscription after a trial period that was very smooth, not quite sure why this all of a sudden became an issue but I suspect like some others it has to do with the Tools package. I tried the workaround of uninstalling the Parallels memory control in the Device Manager (kudos to Roland) but it had no effect, still showing about 16GB of RAM usage; also tried deleting the driver manually but it was already zapped by the uninstall so it's gone. May try a complete wipe and reinstall of Parallels but would really love to avoid that.