Premiere Pro 12.1.1 & 12.1 will not export sequences containing master clips with Lumetri settings when using Media Encoder. Must be exported directly from Premiere export window.
I am looking into this and so far cannot reproduce this bug. Can you please add some more detail? OS, CPU, GPU, Media type, Media Encoder version number, really the more detail the better. Are you using any LUTs? If so, where are they stored? When you say "will not export sequences", what precisely do you mean? Is there an error message, a crash, it just doesn't look like what you expected, something else? We are here to help, we just need some more information.