I’ve been working with Nvidia on the Shield .
I have a Shield Pro 2019.
It is quickly becoming, and in some ways now is, a “Best in Class” device.
It is a DirectPlay client for PMS. (It does all the heavy lifting).
It can handle HDR -> SDR tone mapping by itself.
It does all the proper passthrough to my Onkyo (RZ) receiver.
As a test, I gave it 2160p UHD 59.94 Hz video (Gemini Man) and it played it flawlessly on a 1080p SDR display. Plex sent the file as DirectPlay. It did all the work.