choose your vaapi enabled codec (depending on hardware not all options may be usable), h264_vaapi is a good all rounder, and the one that was tested for this guide
in additional options under render settings type in -vaapi_device /dev/dri/renderD128 -vf "format=nv12,hwupload"
you're now ready to click proceed
change the options as required and click show me the light!
click apply, the quoted duration is incorrect, it will probably be much quicker