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TLDR: Getting a "Memory Allocation Error" crash at startup? Check if you have large files (>2GB) in your root system partition (usually C:\). Delete or move them elsewhere.

Backstory:
After starting the game a dozen times without any issue, it suddenly crashed with the message "Memory Allocation for 4294967232 Bytes failed". Perplexed, I've googled and tried all the possible solutions to this error, even knowing that it makes no sense, since the game worked fine before.
Nothing helped obviously. WTF, how can a game crash all of a sudden, even after deleting all saves, configruation files and reinstalling it, without doing any changes on the os whatsoever?
Turns out: I did change something. I've dowloaded Stalker Anomaly and moved it to my windows drive (where SGW3 is installed). Yeah right, a totally unrelated single 9 GB zip file under C:\ is causing this game to crash!
I've tried other file sizes and extensions. The extension doesn't matter, but every file bigger than 2 GB (except the page file) leads to this issue, at least on my system with 16GB RAM.
So apparently the cryengine of this game reads/parses the files on your system root, for whatever reason, and crashes with a memory allocation error.