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Conclusion: Premiere is useless for exporting HEVC h265 10bit video (common footage from many devices) to a MP4 h264 file (the most common delivery format) without colours all completely ruined.
I bought Movavi and was able to convert an intermediate 10bit export from Premiere into an 8bit.
What a boring day.
Hope this saves someone some time.
Movavi is better than every other transcoder I've found, including AME and Wondershare Uniconverter.
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struggling to replicate this, I could convert a 10 bit h265 file to 8 bit inside AME without colour shift, can you provide screenshots?