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I cannot use hardware encoding, the new feature in the latest PP 2020 14.2 version for exports.
Whenever I try to select hardware encoding at CBR or VBR 2 pass the following error message appears: "Your system's hardware does not support hardware acceleration for the current settings."
It only works for VBR 1 pass but I understand that also worked on older PP versions.
I use iMac Pro with Radeon Pro Vega 64 16 GB graphic card which is on the list of supported cards. 
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Hi florianhaider88,
We're sorry about the inconvenience. Hardware Encoding doesn't support VBR, 2 pass. Please change the Bitrate Encoding to VBR, 1 pass. You may also refer to this link to know more about Hardware Encoding in Premiere Pro v14.2
Hope you find it useful.
Thanks,
Sumeet
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Sorry, that is the limitation of all hardware encoders on consumer CPUs and GPUs at this time. None of them support 2-pass VBR encoding at all at this time. Only CBR or 1-pass VBR. Only software encoders support 2-pass VBR.
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Sorry, that is the limitation of all hardware encoders on consumer CPUs and GPUs at this time. None of them support 2-pass VBR encoding at all at this time. Only CBR or 1-pass VBR. Only software encoders support 2-pass VBR.
By @RjL190365
as they stated above it doesn't work with CBR either. I am having the same issue.