Same here.
Switched to render in AE render queue (Like the old days..).
It's much faster.

Im experiencing the same trouble, by more than a month, the only solution is the native render of Ae 

Same for me! first 50% of progress was in 30-40min, and second 50% 18h.

My mac specs:

i7 3.8Ghz

AMD Radeon Pro 5500XT 8gb

72 GB RAM

Just an idea, do you use GPU acceleration? I noticed that some older GPUs were dropped out of support recently, e.g. nVidia K5000 seems no longer to be working in AME 2023. This results in way longer render times if the GPU was used for decoding / encoding.

Could you check if "HSL Secondary" in Lumetri Color is enabled? 

As I've observed, Media Encoder has been having problems linking with After Effect during rendering. Ever since the 2023 version of After Effect has the addition of H.264, it is more reliable to render within After Effect's native render queue than Media Encoder now. Image that, it used to be the other way around.
We have no choice bu to wait for Adobe to release a new update to fix the rendercore problem between After Effect and Media Encoder. Until then, please refrain from using Encoder to render complex project.

I believe I have found a solution, at least one that works for me.

In all clips I had been using in my timelines, I had Lumetri Color added and all footage was color graded. If I uncheck "HSL Secondary" in Lumetri Color, my render speed for a 5 minute clip goes from over 1-2 hours, to under 3 minutes. 

I will point out, that on a seperate PC with SIMILAR specs (Same CPU, RAM, slower GPU.) I did not have any issue with rendering times and it was outperforming my current PC regardless of effects used or settings.

Note the specs on my PC with the issue:

Asus G15

AMD Ryzen 5900HS 8 core 16 thread

Nvidia GTX 3070 Laptop GPU

24GB of RAM (Tested with 16GB and 24GB just in-case)

2 TB dual SSD PCI-3.0 NVMe

And the specs of a secondary PC without the issue:

Asus G14

AMD Ryzen 5900HS 8 core 16 thread

Nvidia GTX 3060 Laptop GPU

16GB of RAM

1 TB SSD PCI-3.0 NVMe

Again, the PC with the Nvidia 3060 graphics card did NOT have any issues. Only my main PC with the Nvidia 3070 is experiencing this.

This seems to be an issue with the Lumetri Color, since HSL Secondary seemed to cause the issue for me. I have this issue no matter what version of Premiere I use. Luckily, I don't typically need to use HSL Secondary, so I can safely turn it off for all future edits.

I'm assuming this must be GPU support related.

Adobe please work on GPU compatiblity with Nvidia 30 series cards. Perhaps a driver fix will need to be worked on with Nvidia as well.

i dont know what adobe team is doing or just having coffee all day instead of work, i have 3500$ pc and rendereing a 7 second video taking me 19+ hours, i let my laptop turned on whole night still it wasn't rendered, i took a freelance job for making a intro and u know what? cuz of this worst issue the guy took someone else for the job i spent my 20+ hours (1 hour editing + 19 hours for rendering) for nothing, i lost my client cuz of this frustrating issue, im being very patient here, tried 100+ videos from youtube, gone though so may reddit threads, no help from anywhere.

Hi, sorry to hear that. Do you have any 3rd Party Plug Ins installed? Do the versions of AME and Ae match (both are 2023 versions)? And would it be possible to share the .aep with us?

slow export/rendering Adobe Media Encoder 2023

Hi,

I experience a slow exporting or rendering in Adobe Media Encoder after i update it to 2023.

when i render the After effects project to Media Encoder it takes hours or more to be done,

but when i render it in After effects it only takes minutes.

I didn't experience this kind of issue in version 2021 of Adobe Media Encoder.