I'm adding this answer because I'm so happy that I came across this page.
What @borrrden suggested is partially true. You can configure which Build settings it will use when you profile. To configure this, goto Xcode and open the Edit Scheme dialog and select in the left menu Profile XXX.app. You will see you can choose a Build Configuration (either Debug or Release).
What @hooleyhoop commented was more crucial to find the solution. Even if your Profile Build Configuration is set to Debug, there is still a difference between Profiling and a default Run from within Xcode. You can specify Diagnostics in the Run section. Right there, there is an option called Enable Zombie Objects under Memory Management. Make sure that this option is unchecked.
These diagnostic Run settings are not used while profiling. That is the explanation for the behavior you are experiencing. There isn't a Diagnostics tab on the Profile section as well.
The result is that my game (Gump) crashed after 5 minutes of doing nothing in the main menu with Zombie Objects enabled. Once I disabled Zombie Objects, my game runs as far as I know for an infinite amount of time. After 45 minutes, still no Memory Warnings.