After updating Premiere Pro and Media Encoder to version 24.4.1, exported HEVC videos are not conforming to the bit rate I specified in the export settings when selecting "VBR, 1-PASS" in the bit rate settings.
For the past few years, I have been using the same settings without issue. See the screenshot of the Premiere Pro export settings for details.
Prior to the update, these settings produced an MP4 file with a bit rate of approximately 5 Mbps. After the update, the MP4 file has a bit rate of about 3.5 Mbps. This occurs regardless of the bit rate specified by the slider control on the export settings dialog. Even setting the slider to its maximum value, 50 Mbps, produced a video file with a bit rate of approximately 3.5 Mbps.
Further tests reveal that when selecting CBR, the output MP4 video conforms to the bit rate I set with the slider control.
This issue is seen when exporting from Premiere Pro 24.4.1 or Media Encoder 24.4.1.