Adobe Premiere Elements 2024 and earlier - Shadow/Highlight - very slow encoding

I've notice that exporting video is VERY slow when I use Shadow/Highlight effect in my project. 

Example:

Duration of the video: 5min 10s

Export time without any effects: 7min (Render at max depth)

Export time with only Shadow/Highlight effect applied: 49min!!! (Render at max depth)

https://youtu.be/s_9FCMKwjig

I need to use that effect in my videos and I want to get max quality and that is why I use "Render at max depth" but the export time very long just for only one effect applied. It means that it would take 2.5 hours to export 15min long video. And there is no hardware acceleration such as NVEnc available in APE