Don’t mind the ping at all.
However, I’ve zero experience using AMD GPUs for transcoding. Best I can offer is to try it and see what happens. As @JaysPlex mentions above, it might work, it might not. The AMD web page says it supports HEVC decoding and H.264 encoding, so it might work (AMD Radeon RX 6700 XT)
You can monitor playback via the Plex Dashboard. You’ll see two occurrences of (hw). The first is for the decode, the second is for the encode.

The Intel i7-7820X does not have Quick Sync graphics according to ark.intel.com (link), and with a Passmark of 17266, it will not transcode & tonemap 4K HDR by itself (transcoding 1080p should not be a problem at all).
To get back to the original question of will a video card help:
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It depends on your requirements. If you need to transcode & tonemap 4K HDR media, then, given your CPU, you will definitely need a GPU. If transcoding is needed only for 1080p and lower, then the CPU should be able to handle things.
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I do not know if an AMD GPU will work. It won’t hurt anything to try it and see what happens.
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If the AMD does not work and you need a GPU today, you’ll want an Nvidia 1050 Ti or better. That will give you HEVC 10-bit decoding and HDR tonemapping.
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I’ve seen some posts where the new Intel ARC GPU boards are working with Windows 11 and beta drivers (example). Details are thin, and it is unclear if this includes 4K HDR transcoding & tonemapping. No idea when the cards will officially be supported by Plex (Plex rarely announces product schedules or plans).
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Be aware of power draw by GPU cards. The 6700 XT draws up to 240 W according to AMD. It won’t be pulling that much for video transcoding, but it still may not save you that much power draw compared to just using the CPU, which pulls up to 140W according to Intel.
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Also, be sure you are running the 64-bit version of Plex Media Server. It is more efficient at transcoding. It is required for hardware accelerated HDR tonemapping. If you don’t know if you’re running 32-bit or 64-bit, just check the install location. 32-bit is in
Program Files (x86), 64-bit inProgram Files.
Additional Info:
Nvidia Encode Decode Matrix - shows video formats supported by each GPU.
Elpamsoft - Info on transcoding performance for Nvidia GPUs (unaware of similar site for AMD GPUs).