I'm trying to edit and render a three-minute 1080p video in DaVinci Resolve 17. I don't have a GPU, but I've edited and rendered much longer 1080p videos before just using my CPU. In the past, I never opened the color tab. This time, attempting to shift the video to black and white, I opened the color tab. Resolve couldn't handle it and gave me the error message in the title above. Since then I've closed Resolve and restarted my computer, but Resolve keeps giving me the same message and it's unable to do anything: unable to edit and unable to render. The message just keeps popping up periodically as long as Resolve is open. There is no problem with the amount of memory on my computer and, as I said before, Resolve has handled much bigger projects before. This problem definitely arose when I tried to do some color grading, and now it won't go away. Does anyone know of a fix?
(Answering my own question.) After uninstalling and reinstalling Resolve several times, the problem wouldn't go away. Eventually Resolve crashed as soon as I opened it, every time. Opening the color tab must have done something that messed with the way Resolve runs 'below' the level of the operating system -- I don't know much about computers, so I'm not sure how to express that properly.
Anyway, I formatted my hard drive, installed a new copy of Windows, installed a new copy of Resolve, and now it works fine. I have not opened the color tab again because I suspect the same crash will occur.
This is a pretty drastic solution, and I hope there's a better one for other users, but at least it worked.