A (Maybe very stupid) idea about tonemapping

I may be very wrong and this is an idea that just came up in my head but…
Plex Media Player on windows supports Tonemapping when Direct playing, so theoretically the server could support it when transcoding. Couldn’t it just tonemap the HDR HEVC and then convert it to SDR H264? I may be completely wrong and I am just throwing this idea out here. Please correct me if I am wrong, but this theoretically could work, right?

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