Insta360 One R - dropped frames during video encoding and H265 not available

Hi All- Recently got an inta360 One R and am running into trouble right out of the box. When trying to record, within a few seconds I'll hear a beep and get an error message saying "Dropped frames during video encoding". After doing some digging, it looks like the common culprits are 1) not using the right micro SD card and 2) switching the H265, restarting camera, and trying again. I've downloaded the latest firmware and am using the Insta360 SD card that comes with the camera. When going to the Settings>Video Encoding screen, I only have an option for H264..has anyone else run into this problem?