Premiere Pro Only Using About 10% of CPU on H.264 Media Export (3900x)

Hello!

I am currently trying to figure out why Premiere Pro isn't fully utilizing my CPU, or anywhere close to it, and I'm a bit stuck. For reference I am using hardware encoding and believe that all of the appropriate settings are checked.

Some quick hardware specs that should be relevant:

CPU: AMD 3900x

GPU: Nvidia GTX 1080 FTW, 8GB GDDR5

RAM: 64GB (XMP is enabled)

Storage: M.2 SSD (Samsung 970 EVO Plus)

OS: 64 Bit Windows 10

All drivers are up-to-date to the best of my knowledge, checked today

Export Settings:

Format: H.264

Preset: Match Source - High bitrate

Resolution: 1440p, 29.97fps

Watching task manager during an export, here is what I'm currently seeing a couple minutes in:

CPU: 9% usage

GPU: 7% usage

RAM: 22% usage (14.1gb of 64)

I'm fairly cofnused as there doesn't appear to be any sort of a bottleneck, but clearly my system is not being pushed in the slightest to render more quickly. What if anything should I be attempting to do in order to improve this? Thank you for the help!

Small Update: I just ran a Cinebench R20 benchmark to make sure I don't have some strange hardware setting issue, and got a score of 7190 which I'm fairly sure is extremely good. It was also utilizing 100% of CPU unlike Premiere Pro. Confusing!