@plex why did the vote count reset on this when the forum format changed? This had almost 100 votes before it was reset…
Early 2021 clean-up:
I’m considering this “implemented”.  Plex is (by default) no longer using the native player but mpv as its backend for video streaming on the tvOS client.  This will play lots of codecs without the need for transcoding (e.g. DTS audio, PGS/VOBsub subtitles…).