The quality of exporting from Premiere Pro using hardware encoding on the new MacBook Pro with M1 PRO chip is extremely poor. I've tried exporting with multiple different projects and footage but the quality when exporting with hardware encoding is pixelated and blurred - the file size is also significantly smaller than the estimated file size.
There is no issue with software encoding and footage is as expected.
I've tried Premiere Pro 2022 and also gone back to 2021 and tried opening with Rosetta instead, still hardware encoding into H264 is extremely poor quality with file sizes less than half the expected file size. This only happens with hardware encoding.