AME Not Hardware Rendering when it says it is.

Steps to reproduce:
1. Render an After Effects project using AME.

2. Notice it's rendering very slowly

3. Notice the Output Preview states "Based on source, hardware encoding nVidia codec." (5080 card installed)

4. Go to Task Manager | Performance (to view graphs)
 
Result: ... GPUs are both completely idle (Intel + nVidia), CPU maxed out.
Expected: ...GPUs to be going gangbusters, CPU near idle
 
System info
    Application: Adobe Media Encoder (Beta) v25.6.0.89
    OS: Windows v10.0.26100, RAM: 63.79 GB GB, CPUs (logical): 16

nVidia 5080 with latest Studio driver