Actually, encoding lag means that the CPU is overloaded instead of the GPU. This would make sense since Blahh Xp is using x264 for recording.
23:34:14.009: [jim-nvenc: 'recording_h264'] settings:
23:34:14.009: rate_control: CQP
23:34:14.009: bitrate: 0
23:34:14.009: cqp: 23
23:34:14.009: keyint: 250
23:34:14.009: preset: hp
23:34:14.009: profile: high
23:34:14.009: width: 1920
23:34:14.009: height: 1080
23:34:14.009: 2-pass: false
23:34:14.009: b-frames: 2
23:34:14.009: lookahead: false
23:34:14.009: psycho_aq: true
23:34:14.009:
23:34:14.024: ---------------------------------
23:34:14.025: [FFmpeg aac encoder: 'Xbox/Desktop'] bitrate: 320, channels: 2, channel_layout: 3
23:34:14.025:
23:34:14.026: ---------------------------------
23:34:14.027: [FFmpeg aac encoder: 'Track2'] bitrate: 320, channels: 2, channel_layout: 3
23:34:14.027:
23:34:14.028: ---------------------------------
23:34:14.028: [FFmpeg aac encoder: 'Microphone'] bitrate: 320, channels: 2, channel_layout: 3
23:34:14.028:
23:34:14.075: ==== Recording Start ===============================================
23:34:14.075: [ffmpeg muxer: 'adv_file_output'] Writing file 'C:/Users/user/Desktop/obs video/2019-08-30 23-34-13.mp4'...
23:39:54.091: Stopping recording due to hotkey
23:39:54.272: Stopping recording due to hotkey
23:39:54.327: [ffmpeg muxer: 'adv_file_output'] Output of file 'C:/Users/user/Desktop/obs video/2019-08-30 23-34-13.mp4' stopped
23:39:54.327: Output 'adv_file_output': stopping
23:39:54.328: Output 'adv_file_output': Total frames output: 20197
23:39:54.328: Output 'adv_file_output': Total drawn frames: 20415
23:39:54.328: ==== Recording Stop ================================================
23:39:54.329: Video stopped, number of skipped frames due to encoding lag: 4459/20410 (21.8%)
No, Blahh Xp aren't using x264, they're using NVENC in advanced mode, so the encoding lag is from the GPU, at least in the session above with the highest number of skipped frames.