DVR playback with Plex Media Server on WD My Cloud Gen 2

I am buying equipment for the DVR function and want to use a WD My Cloud Gen 2 8TB for both storage and Plex Media Server. Will I be able to record and playback (not live).

I did read the Supported NAS Google sheet and this NAS is an transcoding isn’t available. Is the transcoding necessary for only Live TV streaming or is it needed for both live and on-demand playback?

Total Setup would be:
Hauppauge Freeview HD TV for Xbox One
WD My Cloud Gen 2 8TB (Running Plex Media Server)

Majority of TV streams are broadcast (usually) in a mpeg2 stream not understood by many devices Plex clients run on.
You’ll need transcoding for DVR playback of recorded shows or live tv.

Ok so I’ll need to make sure the NAS supports transcoding