Looks like Plex promoted that Beta build to Stable that broke hardware transcoding whenever HDR tonemapping was enabled.
And yes, it's still broken.
https://forums.plex.tv/t/hardware-transcoding-regression-in-1-43-1-10561-intel-geminilake/937399

Hardware transcoding regression in 1.43.1.10561 - Intel GeminiLake
Server Version#: v1.43.1.10561-69cc2fd8d Player Version#: Roku 9.4 build 12 With prior version v1.43.0.10492-121068a07, I could easily transcode a 1080p stream burning in ASS subtitles, even with other Plex detections running. After upgrading to 1.43.1.10561, the same stream stops playback with an error, “The server was not powerful enough to convert this video for smooth playback”. I reverted to 10492 and playback is smooth again. Hardware info: Mar 24, 2026 15:57:52.906 [140359939541816]...
