Premiere Pro 2024 export taking forever despite good hardware and using proxies

I've edited a simple video with two tracks to use on YouTube. It is just two video tracks, one with 4k footage from my DJI Osmo and the other with a QHD screen recording of my monitor through OBS. No fancy effects, just scaled my face down to fit into the corner and used an essential shape with Track Matte Key to shape the camera footage into something more interesting than a rectangle. That's it.

In total, it's one hour long. I have generated low quality prores quicktime proxies for all the clips. When I go to export however and want to export it to h264 MP4 for YouTube, it's taking forever. I'm using the recommended YT export settings. QHD, 60fps cause that's how I shot it on my camera and the screencast, bitrate of 24. This makes it so slow, however, that you can barely see the progress bar move at all. I lowered the resolution to 720p to just have anything exported and even then it takes almost an hour to move the bar by 10%...

What may be causing this? I have CUDA enabled in the settings, I have a sensible PC (i9-9900k CPU, 16GB RAM, RTX 2080 Super) and yet the export times are out of this world. Considering it would take 10 hours on 720p, to render it in QHD like I want to it'd probably take a week lol.