If SetProcessWorkingSetSize would solve your problem, then your problem is not that FastMM is keeping hold of memory. Since this function will just trim the workingset of your application by writing the memory in RAM to the page file. Nothing is released back to Windows.
In fact you only have made accessing the memory again slower, since it now has to be read from disc. This method has the same effect as minimising your application. Then Windows presumes you are not going to use the application again soon and also writes the workingset in RAM to the pagefile. Windows does a good job of deciding when to write RAM to the pagefile and tries to keep the most used memory in RAM as long as it can. It will make the workinset size smaller (write to pagefile) when there is little RAM left. I would not mess with it just to give the illusion that you program is using less memory while in fact it is using just as much as before, only now it is slower to access. Memory that is accessed again will be loaded into RAM again and make the workinset size grow again. Touching less memory keeps the workingset size smaller.
So no, this will not help you forcing FastMM to release the memory. If your goal is for your application to use less memory you should look elsewhere. Look for leaks, look for heap fragmentations look for optimisations and if you think FastMM is keeping you from doing so you should try to find facts to support it. If your goal is to keep your workinset size small you could try to keep your memory access local. Maybe FastMM or another memory manager could help you with it, but it is a very different problem compared to using to much memory. And maybe this function does help you solve the problem you are having, but I would use it with care and certainly not use it just to keep the illusion that your program has a low memory usage.
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