Will this work for 4k transcoding?

nope.

aside from energy costs, compare the single thread rating/cpu mark.

subtitles are single threaded, and your current cpu is over double the single thread speed.

as far as 4k, even more no. per plex recommendations you need cpu mark ~17000 per 4k transcode.

https://support.plex.tv/articles/201774043-what-kind-of-cpu-do-i-need-for-my-server/?_ga=2.6591858.1958264652.1560178819-668607207.1553270397

For more 4k info, please review the entire thread @ Plex, 4k, transcoding, and you - aka the rules of 4k - a FAQ