The bitrate issue is now in the non-beta version...

As I wrote before, the problem was fixed in Adobe Premiere 24.6.3 (Build 4) and also in Adobe Premiere 25.0.0 (Build 61)

But, in Adobe Premiere Pro (Beta) Version 25.1.0 Beta (Build 48) it still remains.

So, bug report:

Issue:
There is no ability to export video with 20 Mbps bitrate

Adobe Premiere Pro version number:
Adobe Premiere Pro (Beta) Version 25.1.0 Beta (Build 48)

Operating system:
Windows 10 22H2

System Info:
- CPU:
Intel(R) Core(TM) i9-9980HK CPU @ 2.40GHz 2.40 GHz

- GPU 1:
Intel(R) UHD Graphics 630

- GPU 2:
NVIDIA GeForce GTX 1650

- RAM:
16 Gb

- HD 1:
NVMe KXG60ZNV512G NVM

- HD 2:
Connected via USB 3

Video format (file: https://drive.google.com/file/d/1N9Sxdn3H4tHfyu0ru4-GqhJVIb8q-k0Z/view?usp=sharing😞
File Path: D:\VIDEO\AMSTERDAM\IMG_5009.MOV
Type: MPEG Movie
File Size: 13,50 MB
Image Size: 1920 x 1080
Frame Rate: 59,93
Source Audio Format: 44100 Hz - Compressed - Stereo
Project Audio Format: 44100 Hz - 32 bit floating point - Stereo
Total Duration: 00:00:04:14
Pixel Aspect Ratio: 1,0
Alpha: None
Color Space: Rec. 2100 HLG
Color Space Override: Rec. 2020
Input LUT: None
Video Codec Type: HEVC 10 bit 4:2:0
Variable Frame Rate Detected

Workflow details:
Just simple sequence

Steps to reproduce:
1) Create a new project
2) Select one video file with the format described above
3) Override Media Color Space to Rec. 2020 (Right click on file => Modify => Color)
4) Click File => Export => Media, and set these settings:
Preset: Match Source - Adaptive High Bitrate
Format: HEVC (H.265)
Video:
- "Frame Size": Full HD (1920 x 1080)
- "Frame Rate": 59.94
- "Aspect": Square Pixels (1.0)
- "Render at Maximum Depth" should be checked
- "Use Maximum Render Quality" should be checked
- "Render Alpha Channel Only" should be unchecked
- "Time Interpolation": Frame Sampling
- "Performance": Hardware Encoding
- "Rec. 2020 Color Primaries": should be unchecked
- "High Dynamic Range": should be unchecked
- "Profile": Main 10
- "Level": 4.1
- "Tier": Main
- "Export Color Space": Rec. 709
- "HDR Graphics White (Nits)": 100% (63% HLG, 51% PQ)
- "Bitrate Encoding": VBR, 1 pass
- "Target Bitrate [Mbps]": 20
- "Quality": Highest (slowest)
5) Review "Estimated File Size", it's 10 MB
6) Click "Export"

Expected result:
We should have an equal or more than 20 Mbps bitrate in the result file

Actual result:
We have less than 20 Mbps bitrate in the result file

The problem was fixed in Adobe Premiere 24.6.3 (Build 4) and also in Adobe Premiere 25.0.0 (Build 61)

Premiere Pro Version 24.6.0 (Build 86) is the latest available for download version without this issue