I get an error message Audio out of memory when importing MTS/MP4 with option auto-create waveform at import. The error message is for both setting 'wave driver' and 'directsound'.
Video and audio are separate tracks. When import is not done with auto-create waveform but by SHIFT+E (create waveform display), there is no error message at playback.
Movie Studio 18 trial. Version 18.1.0.24 (UDC2). Hardware: 8GB RAM with onboard UHD 620 graphics.