Media Encoder only does 1 pass with VBR 2 pass settings, Software encoding

Hi,

I'm on a loaner work computer (2018 Macbook Pro, Venture 13.6.7) as my last one has to be rebuilt.  I set up my normal custom preset which includes VBR 2 pass but just realized that even with those settings Media Encoder (v 24.5) is only doing 1 pass.  I can't figure out why.  It's set to software encoding (won't work with hardware).  It doesn't matter if it comes from Premiere or After Effects it just ignores the 2pass and only does one with no errors or flags.  Does anyone have any idea why it's doing this?  I've used this preset for years (ss below) and never had an issue till this loaner laptop.  Of course, I just caught this when I have a rush project where minimal file size / maximum quality is a huge deal so I need to fix this asap.  Thanks!