We all know the story about the 1/4 lb. hamburger beating the 1/3 pounder! And everybody with a younger sibling has traded nickels for dimes …
There’s a lot of discussion about this, especially for the Chromecast Ultra. It’s a very popular device, and was considered a “play everything” solution at one point. Google has changed the documentation repeatedly. I’m not sure if they’ve changed the capabilities the device itself reports.
There are forum complaints about how Plex doesn’t care, hasn’t updated the device profiles to accommodate the Ultra, and that Plex is blocking known-working files from playing. “Another month with no response …” I don’t understand that part of the attitude, but I understand the frustration.
As far as I can tell, the Plex->Chromecast integration behaves as expected. I was accused of being a Plex apologist for suggesting that Plex is doing the right thing. 
I think Plex does an amazing job of making “good” decisions in almost every scenario. Sometimes I disagree with Plex, or want to turn off the safety and risk shooting myself in the foot. I’ve been on both sides of the fence, and helping people who have fiddled with every setting, for no reason, is indeed exhausting. I know that warnings aren’t effective.
It’s also hard to argue against the fact that some files that exceed Level 4.2 can be played successfully by the Chromecast Ultra. Plex could allow those to be streamed and attempted. It might work, or it might not.
I proposed that this would be a better generic change than editing profiles, making Chromecast Ultra-specific profiles, or overriding or ignoring the profile augmentation process.
I also figured a feature suggestion would help it get better real visibility. If tons of people want and need this, maybe it’s worth doing.
Alternatively, if this gets a bit of attention from Plex, it might help address some of the frustration.