The logging from the LG shows what happens.
Plex tries to direct play the video with French subtitles. The player has an error and switches to direct stream. This results in Plex transcoding the video, due to the previously mentioned limitations of the Plex LG app.
Given that the English subtitles play OK, I’m wondering if the problem is with the subtitle file.
Open the subtitle in a text editor (Windows Notepad, Notepad++, etc).
Make sure the subtitles really are in SRT format and not mislabeled ASS or other such format (which would result in a transcode). There should not be any information regarding text color, position, etc.
Here’s a SRT example:
Summary
1
00:00:29,612 --> 00:00:31,280
(THEME FROM JAWS PLAYING)
2
00:01:28,462 --> 00:01:30,590
MAN ON INTERCOM: The white zone is
for immediate
3
00:01:30,673 --> 00:01:33,301
loading and unloading of
passengers only.
Also, make sure they are in UTF-8 format, not UTF-8 with BOM or any other format. This will be displayed in the lower right corner of the editor window (Notepad).

If it is in another format, save it as UTF-8, then refresh the metadata for the movie so Plex will pick up the changes.
Here’s the log entries:
Select French subtitles:
Mar 12, 2022 15:50:28.934 [0x7fd50716fb38] INFO - [Plex for LG] [tchit:by5kmxlaf4e06iv70jqa6uy5] subtitleStream: {
"id": 45059,
"streamType": 3,
"selected": true,
"codec": "srt",
"index": 5,
"bitrate": 0,
"language": "Français",
"languageTag": "fr",
"languageCode": "fra",
"displayTitle": "Français (SRT)",
"extendedDisplayTitle": "Français (SRT)"
}
OK to Direct Play
Mar 12, 2022 15:50:28.934 [0x7fd50716fb38] INFO - [Plex for LG] [tchit:by5kmxlaf4e06iv70jqa6uy5] [MDE] Server decision, directPlay: true, directStreamVideo: true, directStreamAudio: true
Beginning playback:
Mar 12, 2022 15:50:28.934 [0x7fd50716fb38] DEBUG - [Plex for LG] [tchit:by5kmxlaf4e06iv70jqa6uy5] [PlaybackSessionController] Opening playback
Error:
Mar 12, 2022 15:50:28.934 [0x7fd50716fb38] WARN - [Plex for LG] [tchit:by5kmxlaf4e06iv70jqa6uy5] [Player] A critical HTML media error occurred: 3 (Décoder); the player cannot recover
Mar 12, 2022 15:50:28.934 [0x7fd50716fb38] INFO - [Plex for LG] [tchit:by5kmxlaf4e06iv70jqa6uy5] [PlaybackSessionController] playback state changed to: stopped
Mar 12, 2022 15:50:28.934 [0x7fd50716fb38] ERROR - [Plex for LG] [tchit:by5kmxlaf4e06iv70jqa6uy5] Playback error occurred. Reason: Unknown, An unknown player error occurred. code: 3, message: Décoder
Retries playback, switching from Direct Play to Direct Stream, which results in a video transcode since subtitles are enabled.
Mar 12, 2022 15:50:28.934 [0x7fd50716fb38] WARN - [Plex for LG] [tchit:by5kmxlaf4e06iv70jqa6uy5] [PlaybackSessionController] able to retry playback, {
"metadataSourceUri": "server://e0c30694ab00daa410d4b5fc41a7ea5e023ff29a/com.plexapp.plugins.library/library/metadata/8402",
"retries": 1,
"allowDirectPlay": false,
"allowDirectStream": true
}