It looks like from the log, the video that was playing when it crashes was using ffmpegdirect addon.
Do you get crashes when playing local content, or is it only videos using ffmpegdirect?
I'm not sure if ffmpegdirect causes significantly more memory usage.
A simple way to reduce some memory is to disable caching. In settings/services/Caching, set buffer mode to no buffer.
A lighter skin may be helpful.
So, it seems manageable for now, so thanks again. Hopefully the root issue will be resolved in further updates, just wanted to raise awareness of it.
Unfortunately this is just feature creep in kodi. Each version released tends to demand more memory.
A few releases back it was feasible to run kodi on a 512M pi, but that hasn't been possible for some time.
More recently, I'd say 2GB is needed for 4K kodi, and 1GB is okay for 1080p (*).
But it depends on the exact configuration. Using certain skins or add-ons may make even 1080p usage on 1GB unreliable.
(*) Note the workaround of "dtoverlay=cma,cma-384" will stop some 4k hevc content from being played, so isn't something that is going to be fixed. You make find "dtoverlay=cma,cma-320" is better for your situation.