It works without a problem for me. However, building the caches takes 50% of my RAM which is 8 GB!
This is the official statement by Hans about the situation
these fonts are huge ... and memory usage in lua can be large as
allocations doubles when more is needed, but in the end the font gets
stored quite efficient in the cache, so it's a one-time memory usage
mtxrun to build the font caches:
$ mtxrun --script font --convert NotoSerifCJKsc-Regular.otf
otf reader | loading of table 'vorg' skipped
otf reader | invalid index in single format 1: 64605 -> 67219 (max 65535)
otf reader | rule 1 in gsub lookup 's_s_5' has empty lookups
otf reader | merging 3 steps of 'gpos_single' lookup 'p_s_2'
otf reader | merging 4 steps of 'gpos_pair' lookup 'p_s_3'
otf reader | turning pairs of step 1 of 'gpos_pair' lookup 'p_s_3' into kerns
otf reader | merging 7 steps of 'gpos_single' lookup 'p_s_4'
otf reader | merging 3 steps of 'gpos_single' lookup 'p_s_5'
otf reader | merging 2 steps of 'gpos_pair' lookup 'p_s_6'
otf reader | merging 5 steps of 'gpos_single' lookup 'p_s_7'
otf reader | 18 steps of 343 removed due to merging
otf reader | 1 steps of 343 steps turned from pairs into kerns
otf reader | adding soft hyphen
otf reader | duplicates: 1 : (U+02003) @ I00574 (U+03000)
otf reader | duplicates: 1 : ➡ (U+027A1) @ I0053A ⮕ (U+02B95)
mtx-fonts | font: 'NotoSerifCJKsc-Regular.otf' saved as 'noto serif cjk sc.lua'
Also running with ConTeXt works fine. Here is a MWE:
The first run takes 50 seconds and eats 8GB of RAM, but the successive runs take less than 2 seconds and only a few MB of RAM.
If you don't have enough memory, try downloading more RAM.