Problem transcoding DJI footage to Quicktime ProRes

I've encountered a bug when making proxies from DJI footage (h.265 HEVC). I've been doing this for years with Premiere/Adobe Media Encoder, but the process is now broken in the 23.5 version (possibly earlier versions of 23 as well).

Essentially, when I create the proxy file in Adobe Media Encoder, it rapidly transcodes the file (much faster than it used to take) and the resulting file is unplayable, either inside Premiere or using a standard video player. The frame freezes up rather quickly in the video and it won't play. The original file will also no longer scrub in the timeline. The proxy file plays back as black.

To test whether it was something I was doing, I ran the same file through Adobe Media Encoder 22.6.4 and it plays back just fine. Something seems to have changed in version 2023. If I switch AME 2023 to software engine only, the resulting file will scrub, but I'll get something like 1 frame every 2 seconds. Horrible latency which was never present in earlier versions of Premiere.

My system information:

Windows 10

Intel(R) Core(TM) i9-10980XE CPU @ 3.00GHz 3.00 GHz
RAM 64.0 GB
Nvidia RTX 2080ti

Running off a RAID 10 storage drive and SSD system drive