VLC can play H265 long time ago.
Since my TV support H265 natively. Therefore, I always encode my 4K movie to H265 format.
Before I know IINA exist, I always use VLC for test play. It's actually OK. Play back can be smooth. It just depends on how you encode the video.
I tried many many method. And eventually, only 2 method works well.
1) DivX convertor, it encode very fast, and the play back always smooth. But it only has very limited option, and fixed at 4K 30FPS regardless the source FPS. Therefore, it's not good for movie due to FPS conversion required.
2) Adobe ME. It's the perfect solution for me at this moment. It encode H265 4K movie very well, anything above 8M bit rate looks almost identical. And I usually make it target 10M, and max at 12M (VBR, 1 pass, good quality). This equivalent to target 20M and max 24M H264 4K movie. In my test, it's a very good balance between bitrate, quality, and encoding time. As I said anything above 8M look almost identical. I give it a bit more buffer, so target at 10M.
This 2 encoder produce very good quality H265 4K video that can play back smoothly on my cMP (config as per my signature). And from the screenshot, you can see that my CPU actually not working that hard.
The screen shot may not look that good, because I compress the jpeg file a lot before I upload to here. But the image actually looks crispy clear on my 84" TV.
It's all about how you encode it, and what's the bit rate. For me, H265 is to save bitrate. Therefore, I aim at (relatively) low bitrate but good picture, rather than very high bitrate (e.g. 100M) but more or less the same picture (view at normal distance). If you encode a 2 pass VBR 100M 10bit 4K H265 video (best setting). I don't think any Mac can play it back smoothly only by software decode.