Fatal error: Out of memory after WordPress update

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Hello. Whenever I access my website from the wp-admin (reneematerials.co.uk/wp-admin) this message shows up: Fatal error: Out of memory (allocated 702001152) (tried to allocate 262144 bytes) in /homepages/15/d915201734/htdocs/clickandbuilds/ReneMaterials/wp-includes/functions.php on line 5125. All this happened after this morning wordpress update to 6.1 this morning. I have contacted my hosting service and said they tried to increase my memory but nothing changed. Also I have tried renaming all the plugin directories from the FTP to see if any one specific was the problem but nothing seemed to change.

Does anyone know how I can solve this issue?

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