appleconfuse, i would like to help answer your questions, and i hope that what i say is helpful to you from a professional that knows how this works. :-) you should never use anything higher quality than h.264 for recording a tv show from tv. its completely ridiculous to use prores to do this for the following reasons.
1.) i work at a tv station, and i can personally testify that tv shows are already compressed into h.264 at my station. so by the time it reaches you its already in h.264 anyways.
2.) once a video is in a compressed format, it is 100% impossible to add the removed information back into the video feed by encoding it in a higher quality format. it is also impossible to make a 1080p video signal into a 4k video signal just by upscaling it.
3.) prores is meant ONLY for creative professional to create content, not for viewing or storing for personal use. this is not what it was meant for. h.264 is a consumer format intended for the everyday use and will be much more friendly for your purposes. ;-)
you are not making the video better in any way at all by encoding it in prores proxy. the compression process they use to send a video out over the internet either on youtube or at a tv station is already highly compressed h.264. i know this because its my job to receive the video signals as h.264 video files and then to compress/encode them AGAIN before they are broadcast.
i hope this is helpful to you and i certainly am sorry to break this news to you. but unfortunately all you are doing is taking up more space on your hard drive and creating unnecessary work for yourself. to clarify, 4:2:2 footage is completely useless to you unless you are actually color grading footage. otherwise you receive zero benefit from it.