Thanks to both the OP and @peterguy. Worked like a charm.
w3sip
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This is the output seen in Console.app for VTDecode filter:
kernel arm64e_plugin_host: running binary "VTDecoderXPCService" in keys-off mode due to entitlement: com.apple.security.cs.disable-library-validation
VTDecoderXPCService No persisted cache on this platform.
VTDecoderXPCService flock failed to lock list file (<private>): errno = 35
VTDecoderXPCService flock failed to lock list file (<private>): errno = 35
VTDecoderXPCService AppleAVDWrapperH264DecoderStartSession() codecType: AVC, encryptionScheme 6, 2560 x 1440, tryAllFrames = 0, iChatUsage: 0, session: 0x12b029020 built 20:42:46 Feb 21 2022
VTDecoderXPCService about to kAppleAVDSetMiscPreferences, storage->miscPreferences is 0
VTDecoderXPCService AppleAVDWrapperH264DecoderStartSession: Compressed buffers disabled! luma depth 8 chroma format 1
VTDecoderXPCService AppleAVDDecodeFrameInternal(): failed - error: 316
VTDecoderXPCService AppleAVDDecodeFrameResponse(): Received frameNum 1, errorCode 315, index 1
VTDecoderXPCService AppleAVDDecodeFrameInternal(): avdDec - Frame# 1, DecodeFrame failed with error: 0x13c