Wavy striped render when using hardware encoding

[NotLiko]

I have been rendering my videos using software for quite some time. Today I decided to switch to hardware encoding. I had to play around with my console as my hardware encoding option was greyed out. I managed to get it working and the first render went smoothly. It took about 16 minutes (on software I needed at least 50 minutes). Turns out the final result is just a mess, it's all wavy/striped. Using this clip in some other programs such as Topaz Video AI green lines appear. The video itself is not silent.
I've switched back to software encoding to see if that's why this is happening. - everything goes back to normal
I restarted my laptop - no changes
I updated my GeForce drivers - no changes
I mess around with settings such as profiles - no changes
My rendering settings:
H.264 - Main - 4.2 1920H x 1080W px 60fps
30Mbps VBR 1 pass,
Max rendering quality, Max depth - both checked
My laptop specs:
Dell G15 5510
16 GB RAM DDR4
RTX 3050 4GB (codename: GN20-P0)
Intel i5-10200H 2.40GHz
Software:
Windows 10 Home 64 Bit, 22H2,OS build 19045.3155, 
Adobe Media Encorder CC 2020 Version 14.02 (Build 69)
Renderer: Mercury Playback Engine GPU Acceleration (CUDA)
Enabled Display Color Management (I feel like it might do something, so I'm including it too)
Used .aep files from
Adobe AfterEffects CC 2020 Version 17.1.1 (Build 34)

I'm tired of rendering my short videos for 50 minutes each using software when I can do it much faster with hardware.

Thank you for your help! If you need some more information let me know.

[NotLiko]

I did some research and from what I found my graphics card does support NVENC and H264 encoding in many formats. I'm not sure if it's my GPU's fault or not.
https://developer.nvidia.com/video-encode-and-decode-gpu-support-matrix-new#Encoder

[Nancy OShea]

It is.

GPU acceleration won't work without sufficient hardware & memory.

https://helpx.adobe.com/media-encoder/system-requirements.html#windows-videoadapters

[NotLiko]

I don't understand how it works. How is it not sufficient if some of the supported cards are less powerful than my card? Also I don't understand why newer cards are not supported. Could someone explain it to me? 

[eckiAMETeam · Accepted solution]

Please note that we do not recommend modifying the debug database (as the name indicates, this is for internal use) to enable hardware encode instead of using the Export UI. It is possible that you have enabled an incompatible set of flags.