Welcome to the forums.
I don’t have any experience working with mac and Unreal together but I can pretty much guarantee that it is the specs. 8gb is the minimum ram requirements but from experience I can tell you that it just isn’t enough. That’s even what the error says:
“Command Buffer Translucency Failed with OutOfMemory Error! Error Domain: MTLCommandBufferErrorDomain Code: 8 Description Insufficient Memory”
I’ll point you to this thread too as it covers some issues with xcode, but I’m fairly confident it’s the hardware limitations that are causing your issues.