@PM: That's their fault, not ours. Unfortunately VP9 encoding ain't an option yet either...
Encoding twice (h.264 for YouTube & h.265 for local copies) takes a little longer, but no matter how you put it, it's still the faster solution below the line. Simply due to h.265's efficiency (=50% smaller files), you'll save a lot of the uploading time. That makes up for the longer rendering.
All you gotta do is change the video codec in the video tab for YouTube compatible encodes:
Using Handbrake has another great advantage, it allows GPU encoding (as shown in the pic above).
I made a little comparison using h.264:
- CPU (i7 4790K; 4,4 GHz @ all cores): 39 seconds
- GPU (HD 4600): 29 seconds
And that's just a shitty integrated GPU. I sold my GTX 970 G1 and can't test the OpenCL solution at the moment. Anyways, a dedicated GPU obviously will beat the CPU even harder. The new Polaris (AMD) & Pascal (NVIDIA) cards support h.265 encoding already. Those cards are at least 8x faster than my used iGPU and it's gonna speed up things A LOT once available.
tl;dr Encoding with Handbrake is hassle free, faster (GPU accelerated), more efficient (smaller files; faster uploads) and future-proof.