Is there a way to cap physics memory?

Physics can’t leak memory because of what you’re doing wrong. Also, there’s no way under normal circumstances 2D physics uses anything like that kind of memory so it has to be a leak.

There was a memory leak related to physics callbacks a long time ago that was fixed, unfortunately it was fixed just as 2022 went out of support and landed in the next release that was Enterprise and Industry only which I was not aware of until months later but after discussions it was decided to do one more release.

That led to the final release of 2022.3.62f3 (note the f3 not f2) which is what you should be using for such an old version.

For reference: Is there a memory leak with 2022.3.62f2?