Trying to correlate my logs to similar posts, looks like the critical entry is:
Feb 16, 2024 00:07:42.563 [140087386581816] DEBUG - [Req#3136d/Transcode] Zack Snyder’s Justice League - video.colorTrc limitation applies: smpte2084 != bt709|bt470m|bt470bg|smpte170m|smpte240m|bt2020-10|bt2020-10 [list]
Apparently Plex thinks that my display does not support smpte2084 / BT2084(?) / Dolby Vision(?) and therefore transcodes. The culprit for this misdetection may be any of the devices in the chain:
Roku — AV Receiver — TV. But I don’t feel like redoing connections to test and having to deal with HDMI handshake glitches. Guess for now I’ll just force direct play or simply watch on the TV app instead of in the Roku.