Memcached connection timed out -

We occasionally get the following error on our server which makes are site unavailable.

Notice: MemcachePool::get(): Server 127.0.0.1 (tcp 11211, udp 0) failed with: Connection failed: Connection timed out (110) in Drupal\memcache\Driver\MemcacheDriver->getMulti() (line 60 of /var/www/html/web/modules/contrib/memcache/src/Driver/MemcacheDriver.php) #0 /var/www/html/web/core/includes/bootstrap.inc(166): _drupal_error_handler_real()

Once these errors start popping up, users are presented with the error message below when accessing any page on our site:

The website encountered an unexpected error. Try again later.

To quickly recover we have to restart the memcached service.

We are running:

• Drupal 10.3.1
• Memcache module: 8.x-2.7
• PECL Driver in Use: Memcache v8.2
• Memcached version: 1.4.15-10

Any help with troubleshooting this?
Is it worth increasing our timeout value from the default of 1 second?
Upgrade our memcached version? Our current version is the default provided by our amazon instance.