GPU disabling issues when converting to HDR video editing friendly

Help/How To
1

When I load my 4K HDR footage for editing in Shotcut, it asks me to convert it to an editing-friendly format.

So I do, and when I convert to the BT.709 colour space, it starts working at 100% CPU utilisation.

The problem is that it doesn’t use the GPU at all, which is fine for the normal post-editing and exporting of footage.
Here are my hardware specs

CPU: 13600KF
GPU: 4070 Ti

2

This is the normal and expected behavior currently. Two of the conversion format options do not have hardware encoders anyway.