Thanks for your reply. I understand muting the video and taking out the audio tracks completely also works, however I need to export my videos without an audio codec at all. This allows seamless playback on a loop system that I use for work. I just want to be able to export my video without any audio codec with hardware encoding as that speeds up my export times significantly.
I also want to note, I've attempted this on a windows system as well and I've had no issue with exporting a video (no audio) and have it hardware encoded. Must be something with Premiere on MacOS.