To anyone who was experiencing the out of memory error on the race viewer, today I located a scenario which could cause this and fixed it.
In some cases, for the profile photo mode for car icons available on 'Best' quality (where you can see each manager's profile photo), full-size / unscaled profile pictures were being used. This meant that if you were in a league impacted by this simple difference, then your viewer could be effectively loading in 32 "circuit map sized" images, of several megabytes in size.
This could easily have caused the out of memory error in many cases, and I have just applied a patch to ensure that only scaled, smaller images are used throughout the game and in the viewer. Hopefully this will resolve this particular error for anyone who experienced it and allow more players to use the 'Best' quality graphics setting.