The game is consuming astronomical amount of memory, causing terrible lag. Few minutes before playing the new version I updated Java from 16 to 17, so I don't know if this problem is really caused by the game or by the new Java version.
I created a new issue because I don't know the cause, so I'm not able to simply vote or comment on another issue.
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Lag - See MC-8824.
I saw this issue before (not the comments), but I didn't tested the snapshots.

Does javaw.exe close when you close minecraft? If not it could be related to another issue altogether.
The process closes...

Crash report?
It didn't crashed...

Crash reports show technical details about your installation too, you can force a report by holding F3+C for ten seconds while in-game. When you let go, a crash will be generated.
Is this still a concern in the current Minecraft version? If so, please update the affected versions in order to best aid Mojang ensuring bugs are still valid in the latest releases/pre-releases.
I don't know, I didn't tried the recent versions.
I added one more screenshot of the PC Usage information window. This image was produced on the same day than the previous others.
1.5.1 works incredibly well. The performance is amazing. I didn't noted too much lags. The memory usage is the same (200MB -> 500MB -> 700MB -> 1GB -> 1.2GB, etc.)
I added too 4 crash reports: 2 from 1.5 and 2 from 1.5.1. Each version have a crash report with the render distance configured to "normal" and one configured to "large" (I have a 32-bit system, but it's horrible to travel on Nether with less than "large", so I use this configuration).