Server Version#: 1.32.5.7349
Player Version#: Web 4.115.2 (also AppleTV simply times out when attempting to play the movie)
So it seems movie collections made in the past are not affected, but I created a number of collections recently in the Movies library and now every single movie that is a part of those collections are either unplayable (especially on AppleTV app since it times out) or take a long time for the transcoder to launch when invoking playing the movie via the Web client.
The only workaround is to remove the movie files from the media path, let Plex delete the movies from the Plex server, then re-add the movie files back to the media path for Plex to then show them again. At that point, the movies work again without issue.