macOS supports hardware video encoding (H.264/H.265) on most devices, with ProRes acceleration added in the Apple Silicon chips.
Hardware video encoding on macOS uses the VideoToolbox framework from Apple. Most devices are supported.
Intel devices support basic H.264 and H.265 modes (8-bit only), while M1 and M2 chips added more formats and the ProRes encoder.
Apple Silicon (M1/M2) devices are recommended, because they support more video features, including ProRes encoder.
It's also highly recommended to update to the newest macOS version, as the video encoding features are evolving pretty quickly.