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Is that memory increase seen in peak usage or average/idle usage?

For file servers, I could be willing to give up 350 MB of memory temporarily for large-scale indexing and thumbnailing operations if it doesn't happen often and makes the file serving/browsing more responsive.

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On the other hand, plenty of NAS/file server systems are going to have paltry CPU and memory. Running slower with a more modest memory foot print might be the only way to keep the system stable.
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libvips shouldn't be calling imagemagick for heif decode, it has a nice one built in. Unless you were using a very old libvips!

I've found jemalloc works best for long running libvips processes, fwiw.

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