Incredible long rendertime

A nearly two hour sequence of H. 264 encoding is a chunk of work. And is going to still be a rather significant file on export.

So the first question ... Premiere's export process needs at least 4-5 times the free space on the drive you are exporting to, as the final file size will be. So ... do you have a LOT of free space on that drive?

Second ... Premiere uses cache files extensively for a lot of processes. So ... do you have a LOT of fast access, cache only space available for Premiere? (For example, I have two Nvme SSD drives, one only for OS/programs, the other ONLY used for video post cache drive space. I never run out of fast internal cache space.)

Third, which driver is being used by that AMD GPU? Drivers can be a HUGE boost ... or pain.

Finally, until @RjL190365 weighs in here, the rest of us are not nearly as heavily directly knowledgeable as they are. We can make comments where RJK can pronounce Results.

In my experience here and elsewhere, although AMD GPUs are finally starting to be competitive with Nvidia GPUs for video post (a very different use than gaming!) ... most apps in video post are still more naturally coded to work with Nvidia cards. Premiere, Resolve, you name it. That migh be part of the issue also.

Max depth and quality add significant to render times.