Exported File Timecode Starting at the Wrong Time

Hello. Issue with Premiere 23.4.0

I am seeing an issue where my exported files start at timecode 00:00:00:00, even when my Premiere sequence starts at 1hr.

I re-export the video without changing anything, and the timecode is correct.

This is a templated project, with export presets we've been using for years, and we're just seeing this issue starting yesterday. Did not update Premiere.

Is this an known issue?