Direct Play: Color Space Is Not Supported

There are a few threads discussing this.

Color space is not supported error after updating to 1.25.5

Plex displays wrong colours with Dolby Vision on AppleTV 4k

TLDR:

Plex does not support transcoding of Dolby Vision Profile 5 video.

On supported Apple devices, Plex can Direct Play a file using the Apple decoder + player.

Compatible files must be MP4 and match Apple’s expectations (dvh1).

It is possible to remux and convert files.