Hi there, Rob!
The plugin and Corona is actually so complex that it's hard to say from the top of our heads if what you're describing is correct, but memory usage swings are expected as various parts of the code kick in. At the beginning, you have document cloning, scene parsing, preparation and conversion to Corona, on the side of Corona, you have UHD and various other precalculations, then rendering itself (the RAM should be pretty stable at this point or dropping the usage by releasing memory to the system) and at the end postprocess with tonemapping, denoising, etc..., which will see an increased usage of the memory again.
So yeah, what you're descriging is actually pretty natural.