I ran into I similar problem when I was hosting my own WP site. Even when I increased the memory my elementor was stuck on the loading screen. Does your http://localhost/your-site-name/wp-json/ work? This should return a JSON response. If it doesn’t, Elementor can’t talk to WordPress properly. The issue was a result of my .htaccess file. Make sure that your file is correct it should look like this.
# BEGIN WordPress

<IfModule mod_rewrite.c>

RewriteEngine On

RewriteBase /your-path/

RewriteRule ^index\.php$ - [L]

RewriteCond %{REQUEST_FILENAME} !-f

RewriteCond %{REQUEST_FILENAME} !-d

RewriteRule . /your-path/index.php [L]

</IfModule>

# END WordPress