I discussed with Pro Apps support and they can reproduce it on a simple one-clip project with a single built-in lower thirds title.
If on x86 Monterey (not Apple Silicon), submitting a batch from FCP to Compressor which includes a title can cause Compressor to hang, then after about two minutes throw system error -9074. The scenario can be very simple: a two second clip with a single built-in lower thirds title, submitted to Compressor and exported using most presets including ProRes 422. It is apparently not sensitive to input codec, resolution or frame rate. It likely happens with many different title effects and maybe with other non-title effects.
It is sometimes reported as requiring multiple projects in a batch or 3D titles, but it doesn't require that. There is some variability which might imply a multithread timing issue or a "use after freed" memory problem. It appears after an initial failure some Compressor "helper" processes might be preserving state information that makes subsequent failures more likely. Thus after the initial failure and after restarting FCP and Compressor, I've seen it happen on a one-clip project without any title. Then after rebooting MacOS it only happens using the previous scenario involving a title.
It happens with FCP 10.6.1, FCP 10.5.3, Compressor 4.6 and Compressor 4.5.4 on x86 Monterey 12.1. We don't currently know if even earlier versions are affected but FCP 10.5.3 is the earliest compatible version with Monterey. This implies the problem is with Monterey not the application layer. It does not happen on Apple Silicon using FCP 10.6.1, Compressor 4.6 and Monterey 12.1.
The failure mode entails an initial state showing a beach ball, during which Spindump on the hung Compressor process shows many threads "blocked by turnstile with priority n waiting for Compressor". After a few seconds the beach ball vanishes but the Compressor process is internally deranged, with most threads waiting on other synchronization objects. It remains in that state for about two minutes until some system layer raises error -9074.