Here’s a few post providing details on how ‘Use preview files’, Maximum Bit Depth and Maximum Render Quality work in Premiere Pro. Hop[e this is helpful.
https://helpx.adobe.com/media-encoder/using/encode-export-video-audio.html#use_preview_files_from_adobe_premiere_pro
Use preview files from Adobe Premiere Pro
When encoding Adobe Premiere Pro sequences, choose Use Previews to use existing preview files (which have already been rendered and encoded) for the parts of the sequence for which they are available.
Note:
Launch Adobe Media Encoder from Adobe Premiere Pro to use preview files. Choose Export > Media in Premiere Pro to launch Adobe Media Encoder. Ensure that “Match Sequence Settings” is selected.
Using existing preview files can make encoding much faster. The disadvantage, however, is that the preview files may have been encoded using different settings than those used for the rest of the sequence—for example, the preview files may have been encoded using lossy compression.
https://help.adobe.com/en_US/premierepro/cs/using/WS3E67AF4C-B2A2-4f04-90B4-F8CCFB74B144.html#WS630B3868-F095-46fe-8690-A5BDBCFD6EC8
Maximum Bit Depth Maximizes the color bit depth, up to 32 bpc, to include in video played back in sequences. This setting is often not available if the selected compressor provides only one option for bit depth. You can also specify an 8-bit (256-color) palette when preparing a sequence for 8-bpc color playback, such as when using the Desktop editing mode for the web or for some presentation software. If your project contains high-bit-depth assets generated by programs such as Adobe Photoshop, or by high-definition camcorders, select Maximum Bit Depth. Premiere Pro then uses of all the color information in those assets when processing effects or generating preview files.
Maximum Render Quality Maintains sharp detail when scaling from large formats to smaller formats, or from high-definition to standard-definition formats. Maximum Render Quality maximizes the quality of motion in rendered clips and sequences. Selecting this option often renders moving assets more sharply.
At maximum quality, rendering takes more time, and uses more RAM than at the default normal quality. Select this option only on systems with sufficient RAM. The Maximum Render Quality option is not recommended for systems with the minimum required RAM.
Maximum Render Quality often makes highly compressed image formats, or those containing compression artifacts, look worse because of sharpening.
Note: For best results with Maximum Render Quality, select Memory from the Optimize Rendering For menu in preferences. For more information, see Optimize rendering for available memory.
Peter Garaway
Adobe
Premiere Pro