Yes, PMS runs directly on the DS918+. It works great for me. I feed one client, the Shield. No problem direct playing 4K HDR videos.
I never tried DS Video. At the time I started with Plex there was no DS Video app for the TV I then owned.
Iāve ~225 Blue-rays & ~400 DVDs and a lot of non-Plex data. Havenāt had to worry about space yet. I keep an eye out for a good sale on hard drives and buy one if the price is right and I think Iāll need space in the next six months. At some point Iāll have to consider what data to keep / toss (or buy a larger NAS), but Iām not there yet.
Iāve never used PMP on a NUC (or any PC) as a primary Plex client, so canāt give you a comparison.
I can say I really like the Shield + Denon combination. The Denon supports all the audio codecs you find on DVDs & Blu-rays, and the Shield passes those w/o issue, including TrueHD+Atmos & DTS:X. No problem playing 4K HDR10 videos either. (Iāve a Denon. You could obviously substitute any receiver/soundbar/etc if it supports the right codecs).
The Shield is much better than an Amazon Fire box/stick (it should be given the price differential). Amazon Fire devices do not support passthrough for dts, dts-HD, or TrueHD, so any audio in those formats will transcode.
Iāve never tried Plex on a Roku, Apple TV, or other streaming boxes.
The only real limitation is that the Shield itself supports only HDR10. No Dolby Vision or HLG. Other than a few demo files all my HDR content is HDR10, so not a problem for me.
Note that I have a limited use case. I use Plex to stream video locally. I donāt stream remotely, donāt use live TV / DVR, or news, or podcasts, or look at photos. For how I use it Plex, my combination of hardware works well for me.