Found in Robot Framework 6.1.1 and 7.0rc2
Python 3.11

Given this example:

Cycle Test
    ${TEST_LIST}    Create List    beginning    1    2    3    4    end
    ${CYCLE_TEST}    Evaluate    itertools.cycle($TEST_LIST)
    Set Test Variable    ${CYCLE_TEST}
    Log Variables

When executing this case
Then Robot Framework will pause for a while and eventually throw a Memory Error.

This might be an uncommon situation, but would be nice to handle iterable objects.
My current workaround is to avoid assigning the itertools.cycle() to a RF variable and handle everything within a library.