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All of the proprietary tools I know of for doing frame-perfect cuts (VideoRedo, TMPGEnc, SolveigMM) work by determining (guessing?) the original encoding parameters and then only reencoding the first and last GOP. The rest of the video is just remuxed.

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x264 encoded streams have the original encoding parameters included by default.

Encoding settings metatag can be striped.

Regardless, I don't think these software are "matching" anything. TMPGEnc for example has settings to choose what quality you want for these re-encoded frames.

The parameters being matched would be those that maintain decoder config. Usually, bitrate/quantizer values don't come into that.

Oh yeah, the level would (should) definitely be kept.

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