I posted a week or two ago with the same issue. A few days later i gave in and chatted with apple support, which escalated 3 times until a senior tech called me to work through the issue. Long story short, everything she offered and tried did not work and she was surprised and said she had not seen this before (even though I told her many people in the discussion group were posting with a similar experience). The next day, though, I figured out a fix myself.
Problem: If I launched Mac Calendar on Sequoia 15.2, wheel starts spinning immediately, then about a minute later error message that my mac is running out of application memory. From the list of applications, the calendar is taking 150GB and the number keeps climbing. Only option is to force quit the Calendar.
TLDR -- Solution that did work was:
1) Launch Mac email
2) Click Mail/Accounts. For each account that has calendar activated, disable the Calendar. Even if it says it will delete that calendar from your Mac.
3) Once you're done disabling all calendars accounts, launch Calendar App. That's the first time in a couple weeks it did not require a force quit, because it's not trying to launch and sync any accounts.
4) Now go to Calendar/Accounts, and add one account at a time. When I tried to add all of them, it hung again. My regular huge gmail file (a couple decades worth) loaded fine. That game me hope. My business account loaded fine, so 2 main accounts were working.
5) When I activate my Contacts calendar account (which syncs all the birthdays in contacts so it shows up in the calendar days), it hung and needed a force quit.
No idea how to fix that file, but for now I've just disabled that sync and my calendar app is working again.
Things that did not work that tech support tried with me:
-- disabling icloud sync
-- creating a test user and seeing if calendar app worked (it did)
-- logging in in safe mode a couple times
-- multiple reboots
-- finally, re-installing the OS, still did not work
Hope that helps