Media Encoder exports very overexposed

If I export in Premiere Pro (ver 23.1), the rendered file looks good. However, if I send the sequence over to Media Encoder (ver 23.1) to export (and don't change any settings - i.e. no presets applied or export settings changed), the resulting file is massively over exposed. I have re-installed Media Encoder, resetting all preferences, and am still experiencing the issue. (Exporting H.264 file). Any idea why the massive difference between exporting in Premiere vs Media Encoder? Please see the screenshots attached for reference. Using MacOS (ver 12.5). Thank you.