Plex is burning the subtitles into the video stream. This uses the CPU, even when hardware accelerated transcoding is enabled. Plex does this to keep the video, audio, and subtitles in sync with each other. It is due to a limitation in the streaming protocol used between the Plex client & server.
Other than not using subtitles, there is nothing you can do to avoid it.
On a separate note: Make sure you are running the 64-bit version of Plex Media Server. It is more efficient at transcoding & tonemapping HDR to SDR than the 32-bit version.
To determine which version you are running, look where the binaries are installed. If they’re in c:\program files (x86), then you’re running the 32-bit version.
You can download the 64-bit version from plex.tv and install it on top of the 32-bit version. The installer will uninstall the 32-bit version first.