You can run it locally but the "prometheus" way for iot env would be a central prometheus server that scrapes the iot devices running a prometheus exporter, which tend to be very light weight
The only thing you really need to worry about on a Pi is that the default kernels are still 32-bit, and are set to 2GiB kernel boundary. So you'll be limited to how much TSDB storage can be mmap'd unless you switch to a 64-bit kernel.
You may want to consider agent mode on your IoT device, and stream the data to an external server/service.
https://prometheus.io/docs/prometheus/latest/feature_flags/#...
top reports this as RES.
IIRC, debugging information is in a separate part of the process, so it's not loaded until it's used. Does that make it free? Probably not quite, but the kernel can ignore it until the process (presumably via its debugger) looks at it.