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HLG is supported through ProRes 422 HQ and ProRes4444.
https://helpx.adobe.com/premiere-pro/using/hdr-workflows.html
If using those CODECs for source in a Timeline with Video Previews set to Custom QuickTime set to matching ProRes, Smart Rendering functions automatically for faster performance.
Under Apple Silicon, Premiere Pro should be using Metal for the Mercury Playback Engine automatically.
As far as not seeing hardware acceleration, can you post a screen shot of what you are seeing?
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So what codec are you trying to use? H.264/5?
Neil
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Hardware encoding for ProRes makes encoding and decoding faster. It does not make the files smaller.
The large file size has to do with the data rate, quality and the performance of the CODEC.
The appendix of the Apple ProRes White Paper details what file sizes are to be expected per hour for common frame sizes. One mimute of 8K 8192-by4320 ProRes 422 HQ is 7.6GB per minute.
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As far as I am aware, HLG is not supported with H265 for delivery - not just in Premiere Pro, but in any post production workflow.
Video bitrates cannot be set by the user for ProRes. This is the case for all mezannine CODECs (the ones that are good for editing). With mezannine CODECs, we pick a different version of a different bit rate. For example, with ProRes, we choose ProRes 422 HQ for a higher bitrate and ProRes 422 LT for a lower bitrate. Or with Avid DNx we choose DnxHD 220X for a higher bit rate or DNxHD 36 for a lower bitrate. However, for a HLG workflow we would have to use ProRes 422 HQ or ProRes 4444.