It appears to be the interaction with the EAE but, without verification of the XML, this is only speculation.
Dec 07, 2019 09:11:20.198 [0x7f7c787a7700] DEBUG - Completed: [10.0.0.28:52034] 200 GET /updater/status (8 live) TLS GZIP 0ms 1315 bytes (pipelined: 24)
Dec 07, 2019 09:11:23.000 [0x7f7c416fb700] ERROR - [Transcoder] [truehd_eae @ 0x24fed40] EAE timeout! EAE not running, or wrong folder? Could not read '/volume1/Plex/tmp_transcoding/pms-a6280ad7-ee65-49b7-9ff1-1c33661a8c33/EasyAudioEncoder/Convert to WAV (to 8ch or less)/167E1C1E-C902-43A2-A666-488F1D8A809A_22141-0-1.wav'
Dec 07, 2019 09:11:23.001 [0x7f7c40567700] ERROR - [Transcoder] [truehd_eae @ 0x24fed40] error reading output
Dec 07, 2019 09:11:23.001 [0x7f7c4288f700] ERROR - [Transcoder] Error while decoding stream #0:1: Input/output error
Dec 07, 2019 09:11:23.001 [0x7f7c416fb700] DEBUG - Request: [127.0.0.1:38088 (Loopback)] PUT /video/:/transcode/session/167E1C1E-C902-43A2-A666-488F1D8A809A/f00e2073-ecd8-4e3b-8deb-6ed1de42a61f/progress?progress=-143755798216.5&size=-22&remaining=-1&speed=0.0 (8 live) Signed-in Token (xxx@gmail.com)
The other possibility is there are more than 8192 directories to be monitored.
The Linux default monitoring table size is 8192. When this table fills completely, there aren’t any slots available for the transcoder to use.
This can be verified by reviewing the FAQ: