I'm able to recreate this with media created entirely within Vegas. For starters, I created a short (2 seconds) PNG image sequence of a default text media clip. When this image sequence is imported and then placed on the Vegas timeline preceding an HEVC file (I use 5K GoPro, but this also happens if I create a Main Concept HEVC 4K clip), renders using the NVENC or Intel QSV encoders garble and bleed the image sequence into the following HEVC clip.
Here's a screenshot of my timeline:
This doesn't happen when I switch to an AVC render, or a Mainconcept HEVC render. Maybe all those images are somehow being held in memory and then leaking into the render of the subsequent clip?
Current Vegas build, NVIDIA GPU