Premiere Pro does not use GPU despite hardware encoding being selected

So this might be an oddball scenario.  I have an AMD Ryzen 5 3600 PC with a Nvidia RTX2060 installed.  When Premiere Pro 14.3 came out I was interested in utilzing the much hyped NVENC Encoder that my RTX has for rendering.  When I enabled hardware encoding in preferences and selected it as an option in my export settings, I found that rendering a 30 mins sequence with zero effects and no color correction made the sequence estimated render time up to 7-8 hours.  On top of that, while monitor my system, I noticed that the GPU had zero activity during the render process.  I have the most recent Nvidia studio drivers installed and have uninstalled and reinstalled premiere about 3 times still with zero ability to render with the dedicated GPU.  In fact, when I run the same project on my macbook pro, gpu encoding works off the bat no problems, and that gpu is nowhere near as powerful as the RTX2060.  

Any thoughts on this and if there is something I am missing?

Thanks