Are you sure you want to encode in 10 bit and not 8 bit?
It'd help to use a faster preset. p2 and p1 would even use both encoding engines of the 4090.
For some reason the cpu is the bottle neck here.
Code
[12:53:01] Frame #171: vRender: 695781 us, vProcess: 15423 us, vEncoding: 21569 us, aRender: 116 us, aEncoding: 1115 us, Latency: 735244 us
[12:53:01] Frame #172: vRender: 21765 us, vProcess: 10612 us, vEncoding: 18021 us, aRender: 84 us, aEncoding: 2170 us, Latency: 54566 us
[12:53:01] Frame #173: vRender: 98124 us, vProcess: 18532 us, vEncoding: 25001 us, aRender: 171 us, aEncoding: 14 us, Latency: 143620 us
[12:53:01] Frame #174: vRender: 363 us, vProcess: 13767 us, vEncoding: 21068 us, aRender: 92 us, aEncoding: 1331 us, Latency: 39040 us
[12:53:01] Frame #175: vRender: 3343 us, vProcess: 10310 us, vEncoding: 18882 us, aRender: 192 us, aEncoding: 565 us, Latency: 36057 us
[12:53:01] Frame #176: vRender: 65775 us, vProcess: 15046 us, vEncoding: 30791 us, aRender: 137 us, aEncoding: 2444 us, Latency: 116458 us
[12:53:02] Frame #177: vRender: 837611 us, vProcess: 11949 us, vEncoding: 23436 us, aRender: 244 us, aEncoding: 1192 us, Latency: 876397 us
[12:53:02] Frame #178: vRender: 218 us, vProcess: 9556 us, vEncoding: 17262 us, aRender: 86 us, aEncoding: 6 us, Latency: 28865 us
[12:53:02] Frame #179: vRender: 37892 us, vProcess: 10338 us, vEncoding: 15881 us, aRender: 89 us, aEncoding: 575 us, Latency: 66451 us
[12:53:02] Frame #180: vRender: 47363 us, vProcess: 18529 us, vEncoding: 34612 us, aRender: 124 us, aEncoding: 1708 us, Latency: 104267 us
vRender (The time premiere needs to render the frame) is constantly changing between 0.2 ms and almost 700 ms. What's your cpu doing?