Exporting introduces core throttling on Macbook Pro 16" 2019 w/ Big Sur

I recently upgraded to MacOS Big Sur and have since experience serious core throttling on my computer when exporting via Premiere Pro or Media Encoder. I tried Quicktime files and H.264 files but both types of renders introduce core throttling to 1.0GHz when my rated core frequency is 2.3GHz.

Is this an issue with Media Encoder / Adobe or Big Sur? Would appreciate any tips or if anyone has had similar experiences.

Here is my machine:

Macbook Pro 16"

2.3 GHz 8-core Intel Core i9

64GB 2667 MHz DDR4

AMD Radeon Pro 5500M 8GB

macOS Version 11.4