I do not think this is just a bug, I could be wrong but more inclined towards " they are enforcing T2 for encoding " I also read somewhere that now to watch Netflix 4K you have to have a T2 ... Isn't it related?
I hope I am all wrong...
No -- having gone through the the Big Sur Betas -- my personal view is that Apple is gradually through each Big Sur beta trying to make it difficult to get Big Sur running on machines that no longer has the blessings from Apple. It is quite clear to me that this is not a bug that Apple inadvertently introduces.