For some reason getting higher file size when using VBR

In general, the only time VBR would give you a smaller size than CBR was if the VBR target bitrate was lower than the CBR target rate.

Variable Bit Rate doesn't give you smaller file sizes, it gives you better quality video by allowing the bitrate to vary in areas of the video that need it.

Phillip Harvery does a very good job of explaining why.

VBR implies that you have a Target and a Maximum bitrate. That is what varies, the fluctuation between those two values. And as the bitrate fluctuates the file size will change accordingly.

With VBR encoding, if you set a target of 20, for example, and a maximum of 30. Then higher bitrates would be allotted where the algorithm deems the added bitrate would be necessary, like areas with increased movement, and again you'd end up with a larger file size due to those areas with an increased bitrate allotment. 

In theory, VBR where you have the target and maximum bitrates set to be the same value would be the equivalent of CBR - there'd be no point in even doing that, really. There's nothing to vary.  

The reason why you are likely seeing a bigger difference between Software Encoding and Hardware Encoding is that with Hardware Encoding in Premiere you don't get to choose a Maximum Bitrate for VBR. It just does it automatically, whereas with Software Encoding you do get to choose a Maximum Bitrate, meaning you could set it to be the same value as the Target.  

But again - if your intention is to use VBR with the same values for Target and Max.. There's no point. You're just doing CBR. So use CBR.

Regarding codecs like ProRes. They are inherently VBR, and the bitrate is a function of the frame size and frame rate, so you don't have bitrate sliders to control, nor does it support the H264/5 Hardware Acceleration, so there is no Software vs Hardware Encoding setting. It would be Software Encoding.

Does this Legion have Quick sync on the intel processor, so that is being used for H.264 export?

Stan

Also - this same exact timeline exported with the same export settings on a friend's Mac had different file sizes than in the above comment, and the CBR was larger than the VBR as you would expect.