Hardware acceleration turned on
Driver has been updated to latest version and the problem is still persisting
What does the project settings/general/rendering say?
Screen shotted those setting above
Those are preferences I am asking Project Settings.
You show the Preferences settings, but not the Project settings dialog ... this one:
And that's where it shows whether or not the GPU will be used at all within Premiere. You should also have Cuda enabled as it's an Nvidia card you're running.
The next thing ... is that for "simple" rendering without the effects used on the Accelerated Effects List, such things as major resizing/Warp or color/Lumetri ... you may not get much GPU use.
Some H.264 renders can now go through some GPUs with the right CPU accompanying them, but many don't. So someone like @RjL190365 would be needed to say exactly how much H.264/5 encoding your rig will do.