Media Encoder v22.5 h.264 export issue

Hi guys,

since updating to the newest version the Adobe Media Encoder and Premiere Pro I have issues exporting sequences as h.264 files.

My normal workflow would be to upload the sequence directly out of Premiere Pro to Frame.io with the integrated upload button of the Frame.io extension, which sends the sequence to the Media Encoder Render Queue. Unfortunately it fails every time after a short time. Please find an example error log below:

------------------------------------------------------------
 - Encoding Time: 00:00:55
07/04/2022 09:00:18 AM : Encoding Failed
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Export Error
Error compiling movie.

Accelerated Renderer Error

Unable to produce frame.

Writing with exporter: H.264
Writing to file: <directorynameeditedforprivacyreasons>/Preview/Video 2.mp4
Writing file type: H264
Around timecode: 00:00:00:19 - 00:00:01:13
Rendering at offset: 4.440 seconds
Component: H.264 of type Exporter
Selector: 9
Error code: -1609629695

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 Software encoding seems to work a bit longer without failure but is no option due to the increased render time. 

Sending a Premiere Pro sequence to Media Encoder without using the Frame.io extension does also not work.

I am using the latest Intel 16" MacBook Pro. Premiere Pro and Media Encoder both have Full Disk Access in the MacOS Security and Privacy Settings.

Thanks in advance for your help.