Yes, you are totally right!
Thanks to other responses I managed to find, I realized that the lack of HW accelerated tone mapping was the culprit. Disabling HDR tone mapping completely solved the transcoding speed problems.
I’m pretty sure I knew this long ago, but just forgot. I’ll have to re-plan my server strategy
Appreciate the nudge in the right direction! This was a small detail but was really annoying me for a while.
Thanks!