Jarle Leirpoll, the author of the book Cool Stuff in Premiere Pro and who runs the awesome site Premiere Pro.net, has written an absolute must read article at Frame.io on Premiere Pro’s Render and Bit Depth settings.
Honestly after all these years of using Premiere Pro I didn’t know exactly how all these settings work and when they are affecting things, and Jarle really goes into depth and he ran extensive tests on everything to prove it.
This really should be essential reading for any Premiere Pro user, and his open letter to Adobe is so true, and I just hope they listen. The whole thing should be simplified, which would quickly solve so many users issues with banding on exports.