Thanks for the logs. That’s what I needed to see.
Dec 31, 2021 18:45:08.683 [0x7f352b01fb38] DEBUG - [Transcode] Could not create hardware context for hevc
Dec 31, 2021 18:45:08.683 [0x7f352b01fb38] DEBUG - [Transcode] Scaled up video bitrate to 268569Kbps based on 4.500000x fudge factor.
Dec 31, 2021 18:45:08.684 [0x7f352b01fb38] DEBUG - [Transcode] MDE: Selected protocol hls; container: mpegts
Dec 31, 2021 18:45:08.684 [0x7f352b01fb38] DEBUG - [Transcode] MDE: analyzing media item 67048
Dec 31, 2021 18:45:08.684 [0x7f352b01fb38] DEBUG - [Transcode] MDE: Dune (2021): Direct Play is disabled
Dec 31, 2021 18:45:08.684 [0x7f352b01fb38] DEBUG - [Transcode] MDE: Dune (2021): media must be transcoded in order to use the hls protocol
Dec 31, 2021 18:45:08.684 [0x7f352b01fb38] DEBUG - [Transcode] MDE: Dune (2021): selected audio stream is not the first audio stream and direct play stream selection is not enabled
Dec 31, 2021 18:45:08.684 [0x7f352b01fb38] DEBUG - [Transcode] MDE: Dune (2021): selected subtitle cannot be converted to a compatible format, burning into video stream
Dec 31, 2021 18:45:08.684 [0x7f352b01fb38] DEBUG - [Transcode] MDE: Dune (2021): Direct Streaming is disabled, so video stream will be transcoded
Dec 31, 2021 18:45:08.684 [0x7f352b01fb38] DEBUG - [Transcode] MDE: Dune (2021): no remuxable profile found, so video stream will be transcoded
Subtitle burning is the problem here. Subtitles forced the transcode.
Plex does not output HDR. Plex outputs tone-mapped SDR.