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If you need this, the most cost-efficient way is probably to get an Intel CPU with an integrated GPU that supports QuickSync (all recent ones do) and pay for the lifetime Plex Pass. In the long run, it's cheaper than getting a beefier CPU, let alone a dedicated GPU, just for transcoding.
That also works with Jellyfin by the way. You can always switch over to Plex later, if you decide you need it and are willing to spend the money.