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"Quality" is a measure of how close the encoding is to the original. There are different metrics to measure it, but SSIM is easy to use and built in to handbrake.
If you have a complex signal but it's all wrong, then that is poor quality. So bitrate cannot completely define quality. You shouldn't think of quality in terms of information content, but rather fidelity to the original.
NVENC is meant to be fast, and at low quality it is extremely faster than CPU encoding for roughly the same bit rate. However, it can't compete with CPU encoding at higher quality levels.
Practically speaking, CPU encoding will always be superior for the same bitrate. Of course the obvious downside is that it might take hours or days to CPU encode.
Also, you also shouldn't compare RF/QP values between algorithms. NVENC has a hard limit on quality. So even if you max out the setting, it will never be as good as a low CPU RF value.
As I expected, no meaningful difference. Details:
> Downloading the 1080p downscale of the 4k render of Tears of Steel from here
> http://ftp.halifax.rwth-aachen.de/blender/demo/movies/ToS/ToS-4k-1920.mov
>
> It's 4:2:0 8 bit AVC at 8 Mbps.
>
> Downloading latest release of Handbrake for Windows from here
> https://handbrake.fr/rotation.php?file=HandBrake-1.3.1-x86_64-Win_GUI.exe
>
> Encoding the first minute to HEVC with 10 bit x265, let's keep 1080p but go down to CRF 22.
>
> No significant difference in DaVinci Resolve 16 scopes. Some objective impact from the lossy compression but no significant changes in brightness or color.
>
> Exporting HD color bars from Premiere Pro as ProRes 422 HQ and transcoding to same 10 bit x265 preset
>
> No change to any of the primaries or secondaries. Small differences visible, likely due to a sharp downscale from 4:2:2 to 4:2:0 (color bar edges are sharper). Same results with ffmpeg CLI.
There's nothing wrong with Handbrake's image pipeline, at least not for standard Rec709 SDR.
If you have no command line experience... then perhaps just try using Handbrake. Experiment with the constant quality slider... start at 19 and then keep increasing until you find your ideal file size vs. acceptable video quality.
You could also shave off size if you reduce the resolution... so if your source is full 1920x1080p then try resizing to 1280x720.