Exported video is pixellated and blurry

I followed the guidelines described here: Export Video

Unfortunately, when I export the video, the resulting file is pixellated, blurry and unusable. The video that I import into Cubase 12 looks fine outside of Cubase, it looks fine in the viewer, but when I export it, the video looks terrible.

Here is the video that I imported into Cubase 12:

Here is the messy looking video exported from cubase:

I’m using Cubase 12 in Rosetta mode, not M1 native mode.