I managed to modify an existing Adobe Media Encoder preset with some additional tweaks, and it worked really well. The key was to first lock the aspect ratio/size handles to be exactly e.g. 1920x1080 first, and then change to Level 4.0. If you don't lock the size, it will downsize the video, and you'll get an error when trying to upload it to Apple.
Here's my preset, feel free to try it out.
https://www.dropbox.com/scl/fi/29981bzrz5nz664v2gzvj/Apple-AppStore-Vids-Mac.epr?rlkey=y5tsjs9m3x9trcbl2xrm5y3q4&dl=0
Juan Maguid
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