It works on my Intel laptop although it took 4 hours to do a 20 minute 4k video. Vegas 22 would have taken less than 10 minutes on that. It was running at 4 fps on an I7 modern laptop with SSD disk. Basically Vegas 23 is presently unusable
Please provide more information about the project and media- did you copy and paste the project into 22 to test it there?
Does your system also fail to render one of the benchmark projects in my signature with your AMD system?
I took a short 1080 clip from a previous project that I used in a Version 23 project on the Intel laptop. I then created a fresh new 23 project and imported that 30 second clip into 23 and tried to render it. I looked OK for the first 10% and then slowed down and the video preview stopped altogether at about 20%. I let it run for an hour and Vegas 23 was still getting 6% CPU and 2% disk for the next hour until I killed it. Note that sometimes it was 7% and sometimes 5% on CPU and disk activity also varied between 0 and 3%. You can see what rendered on the Intel laptop using 23, including this clip of the breakfast area of the hotel at 
Note that the render on that laptop took over 4 hours. I have tried different customizations for the render for YouTube or for streaming media, nothing makes any difference except to use the Intel laptop instead.
If it freezes after a few minutes you can just terminate the program, it will never finish.
What happened at the point where the render failed? Did the GPU run out of VRAM? Was there anything in particular on the timeline (Fx, media type?)
For render type try MagixAVC with VCE or Mainconcept as general ones you can customize.
I don't know what the document is you are attempting to share with me via Dropbox but you can just submit the times via the form.
Your sample 4k project appears top be working, but painfully slow, under 1 frame per second. It is at 52% after 20 minutes but it does not appear to be slowing down.
I did not do anything to this video clip which I took with a Samsung cell phone. Just imported it, dropped it on the timeline and tried the render.
Your project finished on my AMD desktop. fyi, it is a Ryzen 7 5700G and there is no video card in it.
It is an AZUs B450 Plus II motherboard. It boots off a M2 SSD but the storage is a Seagate hard drive. I put it together 6 months ago.
Your sample 4k project appears top be working, but painfully slow, under 1 frame per second. It is at 52% after 20 minutes but it does not appear to be slowing down.
@donald-p @Donald-Peters I made a post about AMD CPU's & VP23, 4 others on there also noted slow rendering times, I haven't upgraded because of this & am sticking with VP22 for the time being. there is def an issue with AMD & VP23.
Your sample 4k project appears top be working, but painfully slow, under 1 frame per second. It is at 52% after 20 minutes but it does not appear to be slowing down.
That isn't a normal time at all as you can see from the results list (most people are using the other project though so we don't have many 23 results). Do you still have 22 or another version installed you can do a comparison with?
Are your Radeon Graphics drivers updated?
I am a small boy using Vegas Pro 19. I feel, Click Options/Preferences/Video/GPU acceleration of video processing/. There you have three options. (1) Off, (2) Optimal-NVIDIA GeForce RTX 3060 or it shows your graphic card, (3) Intel(R) UHD Graphics. Please keep it at (1) Off. Then, rendering may not take very long time.
I have an all AMD computer. The AMD 5700G isn't known for its GPU strength. That is just a fact of life for the iGPU that is in it. Video editing puts a lot of demands on computer hardware, just like gaming with the latest triple A titles. They require a dGPU (dedicated GPU card) to get the best performance.
As for render and playback times of @RogerS project links, you can see my results there too. I am certainly not getting the same frame rates that you are.
If you want to speed things up, you will have to buy a dedicated GPU.
Have you tried disabling your iGPU in the settings? Options>Preferences>File I/O and Video tab.
I have an all AMD computer. The AMD 5700G isn't known for its GPU strength. That is just a fact of life for the iGPU that is in it. Video editing puts a lot of demands on computer hardware, just like gaming with the latest triple A titles. They require a dGPU (dedicated GPU card) to get the best performance.
As for render and playback times of @RogerS project links, you can see my results there too. I am certainly not getting the same frame rates that you are.
If you want to speed things up, you will have to buy a dedicated GPU.
Have you tried disabling your iGPU in the settings? Options>Preferences>File I/O and Video tab.
Under Version 22 it worked fine in both Intel and AMD. Now it is 10% of the prior speed on my Intel i7 laptop and totally freezes on my AMD desktop. 4 hours on an Intel laptop that used to take 10 minutes is not acceptable. Not working at all, ALWAYS freezing on AMD is unusable. I am just hoping they get it fixed before I have to do another video, Going back to 22 does not work anymore either, I suppose that I would have to deinstall everything as there is probably a shared DLL that is the problem. fyi, I am not the only one, there are hundreds of other complaints similar to mine. They FUBAR'ed render.
Could you do a system restore to before the problem started? VEGAS doesn't really share components between versions but if a Windows update or another update changed something VEGAS relies on that's not good.
A recent Windows update slowed my computer to a crawl (processor got capped at 1,4 ghz when under load) and rolling back and reinstalling it helped.
If this doesn't help try official support, they may have other ideas as to what the cause might be.