Mutli-Frame Rendering Not Working in Media Encoder

I have an After Effects project outputting to DPX. When I render it out of Media Encoder it give me a 48 to 60 hour render time, whereas rendering directly in After Effects it is under 10 hours. The output sttings as far as I can tell are identical. Rendering directly in After Effects is showing 40% PCU usage, but Media Encoder is showing about 5%, so my best guess is that Multi-Frame rendering isn't working correctly in Media Encoder.

Running AE 2024 (24.6.2) and ME 2024 (24.6.1) on Windows. Source files and render target are over the network, but the same config is used for AE and ME, so have mostly ruled that out.

Anyone had a similar experience? Or have any tips for troubleshooting ME? I much prefer to render out of ME so that AE is tied up for the whole render.