With the default settings you can read the following using dmesg:

Memory: 498224K/786432K available
    (10240K kernel code, 1452K rwdata, 2900K rodata,
    1024K init, 613K bss, 26064K reserved, 262144K cma-reserved)

Add the following into /boot/config.txt

gpu_mem=256

# Default cma is 262144K.
dtoverlay=cma,cma-size=402653184

The problem persists, we got the following error in dmesg:

[105495.597020] [drm:vc4_bo_create [vc4]] *ERROR* Failed to allocate from GEM DMA helper:
[105495.597225] vc4-drm soc:gpu: [drm]                            V3D: 356880kb BOs (1478)
[105495.597239] vc4-drm soc:gpu: [drm]                     V3D shader:     68kb BOs (17)
[105495.597246] vc4-drm soc:gpu: [drm]                           dumb:   2040kb BOs (1)
[105495.597254] vc4-drm soc:gpu: [drm]                         binner:  16384kb BOs (1)
[105495.597261] vc4-drm soc:gpu: [drm]                total purged BO:  53744kb BOs (41)