iMovie "All Photos" will not load

Hey guys, I've got a 13-inch mid-2012 MacBook Pro with 8GB of RAM running the latest version of iMovie (10.1.14) and Catalina. I'm trying to use one of the out of the box "trailers" and have done so many times in the past. For some reason, iMovie just will not load "All Photos". It's loading My Albums, Albums and Shared but just spins when trying to load the All Photos option. Admittedly, I have a very large Photos library (90,000'ish photos and videos). I've done a bunch of restarts and have reset my preferences in iMovie. I've also made sure that my Photos library is set to "Use as System Photo Library".

When trying to load All Photos, iMovie locks up and gives me the spinning grey wheel where the photos would normally display. Then, I have to force quit iMovie. It feels like the app is getting locked up.

According to Apple, my MacBook maxes out at 8GB RAM but I've heard that it will work with 16GB which might speed it up? Have any of you run into this? I don't want to dump in $100 of RAM if it's not going to help, I'd rather put that in my "new MacBook fund". The other thing I haven't tried yet is deleting iMovie and reinstalling it. It just doesn't seem like that is the problem, it just seems like a RAM issue.

Any ideas?