If I read the memory settings right, they should not work.
You can adjust your memory settings in the launcher before clicking on 'start'.
After this, you see a menu like this:
The two tabs show separate settings for your client in 'client'-mode and 'server'-mode.
For single-player mode, BOTH of them are used.
As you have a server in the background running to host your universe.
Please enter the following values:
Tab 1 - Client & SinglePlayer
Max: 2048 (May be increased to 4096 in case you have plenty of ram free)
Initial: 512
Early Gen: 256
Tab 2 - Dedicated Server
Max: 1024
Initial: 1024
Early Gen: 256
Those settings "should" work. to get at least logs generate, but I assume those should make the game work again.
- Andy