Media Encoder has stopped exporting files after upgrading GPU

I recently changed my GPU (from 1650S to 3070) and now Media Encoder does not export any video. I have cleared the caches for both Media Encoder and PPro, and I have reinstalled both apps.

I am using the standard H264 option but keep getting this error. I am on all latest drivers (and did a clean install of the studio Nvidia drivers).

When I try to export the sequence through PPro, it works properly but with Media Encoder it stops and errors out at the exact same time.

My video has an intro + main video content + outro. The error happens right at the beginning of the main video content. I have tried exporting the intro and main video content separately, and those were exported without any error; it is only when I export the combined sequence that Media Encoder simply does not work. Everything worked fine with the old card.

Here's the error:

Export Error

Error compiling movie.

Render Error

Render returned error.

Writing with exporter: H.264

Writing to file: E:\Game Recs\0826\Game 04.mp4

Writing file type: H264

Around timecode: 03:55:58:47

Rendering at offset: 1.314 seconds

Component: H.264 of type Exporter

Selector: 9

Error code: -1609629695