Working with footage from C70 camera shot today with C-LOG-3 and cine gamut. Shot with HEVC 10 bit 4:2:0 (Full Range). Interpreting the color space as such and everything looks fine.
Go to export it for review via Frame IO - notice that media encoder completely ignores the color space and reverts back to the CLOG3 footage.

Only when I switch to Software Encoding does the render look right. Hardware encoding does not respect the color space change. I reinstalled the latest Nvidia driver - no change.
My sequence color space is Rec 709 - auto tone map is off. Using Tetrahedral as my 3d lut interpolation, viewer gamma 2.2 (web).
My computer
Premiere 25.1.0 (Build 73)
i9 13900K
128GB RAM
RTX 4070 12GB RAM
NVIDIA Driver: 566.36