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This happens in 22.3 and the beta, also happens in Media Encoder regular/beta on a MacBook Pro M1. That particular spot in the timeline at 00:34:43, if i play it, scrub across it, or export the timeline, it goes silent then hangs the renderer. I've transcoded the video clip I had at the offending location, I've even copied another clip to cover that spot, even cut-n-pasted all my data into a brand new timeline. it still fails miserably at that same location.
I had the same problem, I rolled back to version 22.2 and its working again. I think its a bug in the new update.
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Exact same issue here! Happening during playback and exports. I've removed video and audio too, as well as created a new timeline.