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Launching the app once registers the extension, the plug-in itself stays within the app bundle.
Delete the app.
Replace the older app by the newer app, in the same location.
Latest releases: H.264, H.265/HEVC, tested up to 3840 × 2160 and a bitrate of 227.74 Mbit/s (H.264) and 3840 × 2160 in 10-bit bit depth and a bitrate of 365.20 Mbit/s (HEVC).
Development build: + VP8, VP9, AV1
FYI macOS looks for the extension inside the app, at the location from which it was launched the first time, so if you move it, a relaunch is needed.
It makes sense to overwrite or delete previous versions to prevent conflict.
