Twitch Enhanced Broadcasting Performance Impact

I've been doing some testing with the enhanced broadcasting beta (open beta/h264) and noticed it significantly impact my game performance compared to just streaming normally. Is this expected? I assumed it would be pretty similar so long as you have available encode sessions.

For reference, after a few runs of the MW3 benchmark while testing my FPS average at 1440p is around 222 FPS whereas a normal stream (using NVENC) the average bumps up to about 246 FPS, so a little over a 10% decrease in performance.
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