The “best” project properties tend to differ from project to project. Depends on where your video will be published, broadcast or shared.
For context: Most of my projects are either published on YouTube or
random personal projects. On occasion there’s some work for TV broadcast
and in that case you just have to go with their guidelines and match
every setting you can, there are many standards.
I’ve attached pictures with my settings and color coded the fields. These definitely are subjective, so take this info with a grain of salt. Yellow: Settings that typically should match the project media and/or render settings, adjusted most often. Blue: Settings that I practically never change, but there have been edge cases. Maybe 1/300 projects. Green: Settings I never change
Audio settings I actually don’t remember ever changing besides first time setup, but if you’re exporting audio only or work with 5.1 then they likely come in handy.