Hardware encoding can be used only for "save/export" file, not for production. The ratio of size to quality when using hardware encoding is very poor! Files with high quality have a very large size.
Software encoding (like x264/x265) is better for maintaining a small size and good quality. All streaming services (like Netflix, Apple TV) use software encoders or specialized professional hardware encoders (not built into CPU/GPU). Good software encoding requires significant CPU power, and the encoding time demonstrates the real power of the chip!