...
Quit the Just Control and the Just In Engine application and install a non-native ARM application such as VLC player (vlc-3.0.18-intel64.dmg). This step requires Rosetta 2 to be installed and therefore opens the Rosetta Download and Installation window. Follow the steps and finish the installation process. Then open Just Control and Just In Engine again. The AVC-I Capture Preset will now work as expected.
...