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****, I wish I could catch this post at a computer so I can write a response but I explained it several times above.Maybe I don't understand the process when I import my footage to premiere, but as far as I know, Premiere is editing in native format and doesn't require transcoding, and again, my workstation can take it whatever I throw at it, including native 4K. So why should I bother transcoding when I can avoid it?
The short of it is, especially premiere, over avid which pre-renders all the footage, h.264 is a slow codec. If you need a reason is because it's so compressed that you can't work well with it because it's so compressed, it's horrible for color correction, and any other visual effect and it's also a generation loss when you re-compress it and not when you up it to a workable codec like prores or AIC. The more compressed codecs like h.264 make the computer think more in order to give you your the plan monitor, effectively slowing you down while editing. Having a codec with a larger color space will allow you to wiggle around more freely.
This is the best I know how to explain it.
I used as an example that it's like taking a glass that's full to the rim and trying to pick it up without spilling is a lot more difficult than putting it in a bigger glass that is only half full (like prores or something similar) and it's easier to handle.
Don't know how to explain it more.
Edit after re-read***to your point of Premiere transcoding, it does to a certain extent for purposes of playback temporarily converts your footage from its native format to whatever you have set to playback settings which is correct but for h264, there is basically no good playback settings because it still has to transcode some on the fly. It doesn't put a full cached version of your assets into a folder like OMF would. It still needs to convert it which is complicated simply because it's so compressed. Think of it as needing to unwind more wires for you to see.
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