I have no clue what the H264 maximum level does but the recommended setting are 5.2. I can change it up to between 6.0 and 6.2 at the most. Does a higher value increase the video/playback or does it benefit in any other way or should I just leave it as it is?
In general, higher the resolution, frame rate, or video bandwidth, the higher the H.264 level.
If you try to play a video with a higher level than the Shield setting, Plex will transcode the video. Example: Shield set to 5.2 and the video is 5.4.
If you change the Max Level to a setting higher than what the Shield actually supports, then try to play a video with that level, then playback may fail.
H.264 6.2 supports up to 8K 120fps video. I’ve never tried to play such a video so cannot say exactly what would happen, but most likely playback would just fail.
H.264 5.2 supports up to 4K 60fps video. Gemini Man was released on disc as a 4K 60fps video. The Shield handled it w/o any problems.