External USB SSD as Plex Media storage - but what happens to metadata when unplugging SSD?

You can only know for certain if you routinely monitor the Plex Dashboard or take a look with Tautulli whether the playback is direct or transcoded.
Not all media files are created equal, and there are several factors (which also sometimes interact with each other :dizzy_face: ) which determine whether playback is direct or transcoded.