4K transcoding incredibly slow

Server Version#:1.26.2.5797
Player Version#:Browser

Trying to play a 4K file in browser so need the server to do all the transcoding. Server is running on Windows 11 with dual Xeon E5-2430 an Nvidia Quadro P620.

During transcoding the server is basically idle with ~40% CPU and ~7% GPU in use.

Video is completely unwatchable. 1 minute of buffering gets me maybe 10 seconds of playing.

Dashboard indicates video is transcoded to 1080p using hardware encoding:

4K HDR10 (HEVC Main 10) (hw)
1080P (H264)—Transcode (hw)

Media info:
<Media id="59781" duration="3434816" bitrate="15690" width="3840" height="2160" aspectRatio="1.78" audioChannels="6" audioCodec="eac3" videoCodec="hevc" videoResolution="4k" container="mkv" videoFrameRate="24p" videoProfile="main 10">

How do I identify the bottleneck? Is my hardware just too old to attempt any kind of 4K transcoding?

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