Modern GPU encoding is much faster, but should I still expect software H.264 to look better at the same bitrate? I am deciding what to use for final masters.
It depends on encoder generation and settings. Modern hardware encoders are much better than older ones, while a slow software encoder can still spend more computation searching for efficient decisions.
Action Video Lab Editorial Team
Compare the actual difficult source at the same delivery constraints. If hardware output is visually indistinguishable for your target, the time savings are real value.
Separate encoder choice from GPU-accelerated effects. An NLE may use the GPU for compositing while the H.264 bitstream is encoded in software, or vice versa.
Codecs & export
I will benchmark one minute from the real project rather than follow an old blanket rule that hardware encoding is always worse.
I repeated this on a recent GPU and the gap was much smaller than on my older card. Encoder generation matters enough that 'hardware always looks worse' is no longer a useful blanket rule.