AVC-I based Capture Presets require Rosetta installed on Apple Silicon systems, such as Mac Minis (M1, M2) or Mac Studios. It seems like that there is no arm64 version of this specific codec as of now and therefore Rosetta has to be installed to get this working.
file /Library/Video/Professional\ Video\ Workflow\ Plug-Ins/AppleAVCIntraEncoder.bundle/Contents/MacOS/AppleAVCIntraEncoder /Library/Video/Professional Video Workflow Plug-Ins/AppleAVCIntraEncoder.bundle/Contents/MacOS/AppleAVCIntraEncoder: Mach-O 64-bit bundle x86_64
Quit the Just Control and the Just In Engine application and install a non native arm application like VLC player. This step requires Rosetta 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 is working now.