How many tickets have been opened for this? Wondering if I should do the same or not (does Apple move faster if several tickets are submitted for the same issue?). I discovered this problem last night.
I did manage to FINALLY get my 2 hour 1080 project processed through compressor as I intended WITHOUT first rendering in FCP, and only after rebooting the iMac (late 2015, running latest Monterey, FCP, & Compressor). I wondered if not rendering the project made any difference, but during the day today I discovered it does not. Multiple fails testing.
I did come across an error/warning, where an ".export-archive2 file" was missing - I don't know if that means very much. I discovered it after I pressed the "re-try" circular arrow in Compressor.
I have multiple texts, fades, and plug-ins in the project, so at first I thought it might be a memory issue, or even a render file issue (FCP keeps forgetting where the render files are, so I had to keep re-rendering), but after reading everyone's posts, it sounds like maybe it could be a Monterey vs. Compressor bug.
Has anyone tried https://www.digitalrebellion.com/
They have a download that supposedly fixes issues with Compressor (but maybe it doesn't address anything like what we're dealing with).