Maximum possible bitrate for HEVC videos with hardware encoding in Premiere Pro

Maximum possible bitrate for HEVC videos with hardware encoding in Premiere Pro

I am trying to export a series of images as a 4K HEVC video (it is a long series) and I am using Premier Pro 2020 to do it. I found I can switch to High tier and this allows me to go over 25Mbit bitrate (CBR or VBR 1-pass) but then Premiere Pro wants to use software encoding with CPU and not GPU.

When trying to switch to hardware encoding when bitrate is set > 25Mbit, I get the following error popup:

Your system's hardware does not support hardware acceleration for the current settings

My CPU is 9900k and GPU is 3090, running Windows 10.

Is this Premier Pro or codec limitation? 264 is able to use higher bitrate without any issues and encodes with GPU.

I have a feeling this is not implemented in Premiere Pro so my question is: what software should I use instead?

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