i know this is an old post but I encoded my whole library in HEVC (future proof) and I've found that:
- I use Plex, Mac Mini Core i5 Dual Core as a Server and an Apple TV 4.
- Plex always transcodes, but it works fine without any lags, and the Mac Mini can even multitask while transcoding, I can play more than one movie at the same time (tried it with 2 movies, both HEVC 1080p).
- Plex used to transcode with h.264 anyways since I always watch movies with subtitles, no big deal.
- All my movies are 1080p, HEVC, 5.1 sound, 10bit & 3000 bitrate.
So, in a nutshell: If you're using Infuse or VLC with HEVC, you're transcoding it wrong! The Apple TV itself with A8 processor can't do all the work unless you have a low bitrate movie. Use Plex with a decent server to play HEVC or go with h.264.
By the way, I used to have movies at 6GB, now with 2.5 to 3 GB of HEVC movies the quality is way better since 10bit and efficiency.