The memory tuning is applied at install time, so a fresh install of the latest version is what enables it. Settings → Updates now shows your plan’s memory and flags it when it’s tight. If it’s tight, the real fix is a bigger plan. Ask your host to raise your account to 2 GB of memory, which gives a CaveCMS site comfortable headroom.
Still getting repeated 503s (or a 508 “Resource Limit Reached”) even on a roomier plan? On CloudLinux hosts your account has hard per-account caps (called LVE) on memory and on concurrent processes, and the app runs inside a virtualized filesystem (CageFS). Ask your host to raise your account’s physical memory and entry-process (EP) limits, and if files ever seem to go missing or stale, to rebuild your CageFS. One message does it: “Please raise my LVE memory and entry-process limits, and rebuild my CageFS.”