RTX3070 but... Render Utilization seems low?

So i'm lucky enough to be working with a Ryzen 7 5800X and RTX3070... First test was to jump into an existing project and see what impact the new kit has on render times! (Good day!)
The short version: It's 8 times faster than it used to be!
Long version: I'm only seeing the following utilization while rendering (GoPro footage with NR/colour and lots of graphical overlays rendering out to MP4 H264 50mbps)...
CPU - 33%
GPU - 48%
SSD - <1%
That seems like a lot of headroom... Does anyone have any idea why this might be?
The short version: It's 8 times faster than it used to be!
Long version: I'm only seeing the following utilization while rendering (GoPro footage with NR/colour and lots of graphical overlays rendering out to MP4 H264 50mbps)...
CPU - 33%
GPU - 48%
SSD - <1%
That seems like a lot of headroom... Does anyone have any idea why this might be?