Your options are something with more HP on the server side, or something that can direct play at the TV side. I've discovered a Ryzen 3300X is just not quite powerful enough to transcode 4k content, so I'm in the process of migrating media off my NAS and onto a dedicated server with an Intel 8700. The easiest path on the server side is to get an older Dell/HP/whatever desktop with as new of an Intel CPU as you can find - newer iGPUs support more codecs, but the 8th generation (like my 8700) seems to be a decent sweetspot. The Intel A380 also supports everything under the sun and is pretty cheap. Keep in mind you'll need PlexPass or switch to Jellyfin if you want GPU transcoding.
On the playback side, I think Nvidia Shield is your best bet. I've found my Roku stick works well with most video content, but generally needs transcoding if I turn on subtitles :/ I used an M1 Mac Mini as an HTPC, which handled everything extremely well but it's not as TV friendly nor as cheap - if it supported HDMI 2.1 and 4k120hz output I'd probably still be using it as an HTPC.