Media encoder error for h.264 (Error code: -1609629695)

Hello,
So none of my AE projects are getting rendered as h.264 via media encoder since last week. Been getting this error repeatedly and I haven't found out why so far. I'd updated to the latest version around the same time but I also tried downgrading it and still didn't seem to solve the issue.

System:
MSI GP73 Leopard 8RF,
Windows 11, 
Processor Intel(R) Core(TM) i7-8750H CPU @ 2.20GHz, 2201 Mhz, 6 Core(s), 
GTX1070
RAM: 32GB

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Encoding Time: 00:00:15
05/16/2022 07:25:20 PM : Encoding Failed
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Export Error
Error compiling movie.

Render Error

Render returned error.

Writing with exporter: H.264
Writing to file: G:\personal\test.mp4
Writing file type: H264
Around timecode: 00:00:00:24
Rendering at offset: 0.000 seconds
Component: H.264 of type Exporter
Selector: 9
Error code: -1609629695

I've tried changing to the software renderer but it was still a no go. But I did try rendering a dummy project with simple shape layer motion and glow enabled and it worked just fine. The only workaround to the problem at hand was to export as quicktime via after effects and then re-render that .mov file as a h.264 on premiere-pro. This has been super tedious and frustrating as my deadlines have started getting affected due to these multiple renders. But this is what my life's come down to at this point. I'd really appreciate it if somebody could throw some light on this issue. Attached herewith are my render settings.

Thanks,
Nikhil