But less of a bargain should you require two transcodes in future.
A 9th gen i5 would likely transcode 2 10bit streams through hardware if it is supported by the OS. I dont know if all the 9th gen processes are out yet or if people have tried to see how far they can be pushed!
If you want the best performance, get the Ryzen 5 3600 plus a 1050 (ti).
But - I might be wrong - as you cant tell plex to load balance between HW transcoding and CPU-based transcoding you would never really use the better performance of the Ryzen 5 3600.
In this case you could just use the i5 6500.
But the built-in iGPU only supports HEVC encoding at 8 bit, at this time plex doesn’t do 10 bit HDR transcoding so this wouldnt be a problem… but I have a hope that it will be supported in the future and in this case you would need to buy a new GPU anyway.
I assume you got one by now, but yeah a 1050ti should basically fix up your 4k transcoding issues. If you come across some really high bitrate titles the 1050ti can’t deal with - optimise it, should only take a few hours optimising it via Hardware
for me, adding a 1050ti to my i7-2600 setup, made a world of difference when it came to 4k