I am aware of the limitation of the FAT32 filesystem.
However i my case i have no files greater then 4GB in my /Plex Media Server/ directory where my databases, config, caches, logs, etc are stored.
And the total size of this /Plex Media Server/ dir is around 6/7 GB .
So this works perfectly for me.
My actual movies, music, tv-shows files are stored on my NAS server which is mounted seperately and this works perfect. That is around 16TB of storage for me at the moment with single MKV files of up to 100GB for some 4K HDR bluray movies.