Could you please upload a sample file?
I'm thinking you might need to convert, maybe in a program like VirtualDub, or Selur's Hybrid, to a lossless HuffYUV or UtVideo, something that will keep the 4:2:2.
Also submit the file to CL Support.
Either way, there is no 4:2:2 output in PowerDirector, lossless or otherwise.
Ive been harping on this for years, but we just get more fun stickers, and pseudo FX. HP Envy Phoenix/4thGen i7-4770(4@3.4GHz~turbo>3.9)
Nvidia GTX 960(4GB)/16GB DDR3/
Canon Vixia HV30/HF-M40/HF-M41/HF-G20/Olympus E-PL5.
Tape capture using 6 VCR, TBC-1000, Elite BVP4+, Sony D8 camcorder with TBC.
https://www.facebook.com/BarryAFTT

Quote I have a Canon R6 and I would like to edit footage with a HEVC 4:2:2 encoding. I already have a codec installed on my Windows 11 machine and can play the files there but PowerDirector does not accept and recognize that format. Are there some settings I need to change or if there is no support when will it be available?

No settings, PD21 only supports a very select set of 4:2:2 files and has no produce capability for those it can import so a conversion will always be required.

It's been a requested need for a long time, only option is to voice your desire at File > Rate Us & Provide Suggestions

Jeff

On a similar note, I've been waiting forever for AV1 to be finalized. It has now been and a few things support both export and import in that format. PD365 doesn't. I expect for support to grow in popularity since it is royalty free. I hope PD supports it in the near future.