Okay, so I won’t select Render then. However, regardless of whether or not I should be selecting Render, there’s still a problem.
A new install of 4.0.4 and selecting Render causes the whole system to go haywire.
Restoring 4.0.1 and selecting Render works fine. No issues.
Restoring 4.0.1 and then upgrading to 4.0.4 via App Store work fine also. I gave that a shot earlier and it worked. So there appears to potentially be an issue with new installs of Compressor.