Crash right after a new world created in single player (Java(TM) SE Binary has stopped working)

Game starts, but after loading a world (only tried creating a new world in single player), game crashes with the message "Java(TM) SE Platform Binary has stopped working". Creating the world also takes a very long time, much longer than on my PS4. After the world loads, I first see only sky for a few seconds. Then the terrain appears, frame rate frops to 1...5 fps range and game crashes almost immediately.

There were other Java crashes reported, but I could not resolve the situation following their instructions, i.e., increasing java vm memory allocation.