Yes, it has been reported a few years ago already in UE4.25:
- Unreal Engine Issues and Bug Tracker (UE-100291) “Out of video memory” crash when attempting to save many assets with source control enabled
- Unreal Engine Issues and Bug Tracker (UE-160299) GPU memory leak during large source control operations
I have now submitted a PR with the fix for Epic Games to hopefully integrate it in UE5.1:
https://github.com/EpicGames/UnrealEngine/pull/9492
Cheers!
Sébastien
(see also Running out of Video Memory when using Source Control)