Shuttle forward playback of H.264 or H.265 media results in frames played out-of-order

When I play a timeline containing H.264 or H.265 media generated from various NLEs in faster than real-time speed (using the L key), the resulting program output does not display the original frames in order but rather skips around to already-displayed frames found earlier in the timeline.

Steps to reproduce:
    1. Create timeline of any resolution/frame rate.

    2. Add AVC (H.264)- or HEVC (H.265)-encoded media to the timeline.

    3. Press the L key (or Shuttle Right command) twice or more to shuttle forward.

 
Result: Frames reported as dropped despite no real CPU/GPU usage and program output skips and stutters between old frames and currently displayed frames despite TC and playhead reporting smooth shuttle forward.
Expected: Smooth double-speed playback of timeline output.
 
System info
    Application: Premiere Pro (Beta) v23.6.0.56 (Apple silicon)

    Machine: 2020 Apple MacBook Pro M1
    OS: macOS v13.4.1, RAM: 16.00 GB, CPUs (logical): 8