This doesn't explain how deleting the profile causes the problem to go away, as in my case. By your logic a missing DLL would impact all profiles but this is clearly not the case.

The workaround is valid, though - delete your profile data and load up Arma. The profile will still be there, it will recreate all of the profile files for you and there are no out of memory errors. You will need to remap any keys you had previously configured, plus re-enable/re-map any devices (joystick, TrackIR, etc) you have connected. You will also need to recreate any saved loadouts in the Virtual Arsenal - I like to keep backup copies (export from arsenal, paste into SQF file) of my loadouts for exactly this reason.

New info : Launching the game from the Arma 3 launcher with a profile other than the default selected the game launches without problems. If I switch the profile at the main menu the game crashes to desktop with the same memory error.

I have this problem also, precisely the same error messages.