Using the headless emulator binary in <Android SDK Root>/emulator/emulator-headless eliminates the need for Qt and other UI libraries as well as memory improvements. The Android emulator team have worked on this. This is now a feature in emulator starting from 29.0.6 stable. Could also be an option in the plugin settings. It doesn't allow me to run the headless emulator when just pointing the executable to emulator-headless binary.

https://androidstudio.googleblog.com/2019/02/emulator-2818-canary.html 

https://androidstudio.googleblog.com/2019/05/emulator-2906-stable.html

https://youtu.be/Up3hyBSDAMA?t=1687