Adobe Premiere Pro 2024 (24.0.0.58) Error code -1609629690 Exporting h264, And Solution

Premiere Pro throws an error compiling movie on exporting a h264 file:

Error compiling movie.

Render Error

Render returned error.

Writing with exporter: H.264

Writing to file: /Volumes/G Vulcan 4TB/[2152] MCV OpenHands/MCV OH Chuck/ Masters/Masters Web/CP_OHC_Chuckwild_01.mp4

Writing file type: H264

Around timecode: 00:00:02:00 - 00:00:02:05

Rendering at offset: 0.000 seconds

Component: H.264 of type Exporter

Selector: 9

Error code: -1609629690

 The media / clip itself is h264, editing into a default Timeline.

Other people have been reporting the same error, and for them turning off "Hardware Encoding" seem to work, albeit slowly.

For me, it's turning off "Use Maximum Render Quality" (leave it unchecked) that does the trick. 

If I check the "Maximum Render Quality" box, it leads to the error, no matter what. It's perfectly happy with "Hardware Encoding" always on.

Mac M1, macOS Ventura 13.6, Premiere 24.0.0.58