So guys after some research it seems like the Plex Team or the software itself is NOT to blame here. There is a discussion here which says that Apple included a faulty hardware driver for Intel HD 4000 GPU’s and knows about the issue. However it seems very unlikely that Apple will fix the issue, because it declares hardware with a Intel HD 4000 GPU “vintage” and doesn’t want to support it anymore. If you want that faulty GPU driver out of your system to make Plex and other affected applications work again you basically have 3 options.
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(The one which fixed the issue for me) Reboot your Mac and press CMD+R during the reboot. Select the reinstall option for Catalina and just reinstall it. Your files shouldn’t be affected at all, but to ensure that you should consider making a backup before reinstalling the OS. After reinstalling it you should consider the installation of the security update before the faulty one you can find it under this link.
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Just restore your system from a time machine backup to a point where it worked ok for you. Maybe for that to work you also need to reboot and press CMD+R and select the specific option for that.
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Just wait for apple to fix the issue which is the most unlikely option of all.
I hope my post help you to fix the issue and enjoy Plex again.
Best regards
