I don’t know about your getting errors and informational messages about updating drivers. I assume that you did update the amd graphics driver already to the latest on the manufacturers website. You can write a ticket to Cyberlink support and see what they suggest.

Please read this sticky: https://forum.cyberlink.com/forum/posts/list/77190.page and supply a DxDiag.txt as an attachment on your next reply. You may want to supply a 10 second video from the 360 camera to share on OneDrive or GoogleDrive for users to check out. They can then suggest possible solutions.

See this article: https://en.wikipedia.org/wiki/Unified_Video_Decoder#UVD_6 and scroll down to the UVD 6.3 Polaris row. It looks like the RX480 has both h.265 hardware decoding and encoding enabled. It can work with both 4k and 10 bit videos. The Navi10 cards on the list are the latest and possibly better.