This worked:
Hi guys, I had the same issue, tried many things and nothing worked except this, so I really recommand it. I did it on my own so I am just going to share some details because Kyle's instructions can seem quite unprecise.
First press the Windows key and type 'cmd'. Right click and click on 'run as administrator'. Now it is time to create a new user, as an admin. In order to do this, we need to use the 'net user' command, that is going to allow us to create a new account on our PC. Copy and paste the following lines in your cmd :
net user PremiereProSolver set_a_password /add /comment:"solve premiere hevc issue" /expires:never /logonpasswordchg:no /fullname:"PremiereSolver" && net localgroup Administrateurs PremiereProSolver /add && WMIC USERACCOUNT WHERE Name='PremiereProSolver' SET PasswordExpires=FALSE
Choose a password to replace the set_a_password and remember it, you will need it later (use a simple one).
Now press enter.
If you type 'net user', you will see a list of all users, and you will see that PremiereProSolver has been created.
Now click once again on the Windows key, and right click on the bottom left where the icon and the name of the current account are. Now select PremiereProSolver. Go quickly through the settings.
Now once everything is done, launch premiere pro and drop any hevc file that used to cause problems. Now here you go : it is working. If you go to this path : C:\Users\Public\Documents\AdobeInstalledCodecsTier2\3.0 you will see that your hevc encoding and decoding files are back. You can log out this account and go back to your old one.
Now you can remove the created account :
net user PremiereProSolver /delete
Hope this helped some of you guys !