Plex starts transcoding video and drops HDR

Server Version#: 4.125.1
Player Version#: 10.15.1.659

Plex starts by direct playing everything. But after a while, it has some sort of issue and starts to transcode video and by doing it it drops the HDR.
I’m attaching the logs.
Plex Media Server Logs_2024-05-31_13-56-02.zip (4.6 MB)

You can find the (I think) relevant logs at May 31, 2024 09:53:22.258 [22574317833016]

If I completely disable video transcoding, plex just stops playing with a message “Server is not powerful enough to transcode”.

The server and tv are connected via ethernet, tv has additional USB network card to allow for faster speeds, its getting 800mb/s on a speed test.

Is there anything I can do to fix this?

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