M1 Max with 32GB RAM and 32 Core GPU hanging with FCPX 10.6.1

Have you tried the absolute basic essentials?

1. Shutdown and restart the Mac.
2. Launch FCP X whilst holding down the Command and Option keys. In the window that opens select "Delete Preferences".

I just looked at the Color Finale site and they say they are compatible with M1 and Monterey so I'm not sure now. Maybe Tom can chime in.

How did you setup this Max MBP? Did you migrate everything across from your previous MBP or just the user account data? If you migrated everything including applications, it's possible something incompatible was transferred and the best bet is to wipe the drive, migrate only your user data (no applications or anything else), then download and install the applications you use.

Hopefully that solves it for you. I've seen several instances recently where someone migrated everything from their old machine to a new one and FCP was very crashy. After wiping the drive and doing a clean install, migrating only the User data, then downloading and installing the needed apps, FCP was happy once again.

If you want to check if you migrated conflicting software from your old machine, install Monterey on an external drive, boot from it and install only FCP. Don't migrate anything from anywhere and do a simple test with your iPhone footage.

Good point Luis. Also, since there's a reference to the cache, it might be wise to delete the cache. Select the library in the browser, File->Delete Generated Library Files..., choose Delete Render Files - All.

Is it just one Library/Project that is causing this problem? There may be a corrupt file or files causing untold problems.

Create a new Library with fresh media and see if things improve.

Also try creating a new User account and run your computer from that.

Please post an Etrecheck report from https://etrecheck.com, which will provide information about what might be going on. Give the application Full Disk Access in Privacy System Preferences, and use the "Additional text" button at the bottom of the reply box to paste the copied report. 

I can't say why this is happening, but it does seem that this error maybe closely related to your issues:

2021-12-12 15:21:11 Final Cut Pro Crash

Executable: /Applications/Final Cut Pro.app

Details:

ProCore: Last ProCore Log: assertion failed: FFSegmentStore compressio

nOutputCallback did not run at the expected QOS level. May result in s

elf-throttling performance issues. See comment 'QoS NOTE' where compre

ssionSession is created! (sfrc->expectedQOS == qos_class_self()) :: vo

id compressionOutputCallback(void *, void *, OSStatus, VTEncodeInfoFla

gs, CMSampleBufferRef) (file: /Library/Caches/com.apple.xbs/Sources/Fl

exo/Flexo-40100.141.14/framework/utilities/FFSegmentStore/FFSegmentSto

reInfo.mm, line: 1188)

Just to be sure: did you delete the application's preferences after the crash? Do that, and again after any crash or the application somehow misbehaves.

Tom wrote in another thread that Color Finale needs to be removed because it hasn't been updated.