Strange, high profile should be a level of 4.1. That is the preset I use for DVD's. Handbrake was recently updated and/or you are using Windows version which I'm not that familiar with and could be different.
I don't deviate as far from high profile though. For DVD movies (non animated) I use the Preset - High Profile, Constant quality RF19, Encode Preset - Slow
er, Tune - Film. If its an actual movie I also add Foreign Audio Search. Anamorphic I always leave at Loose however after the new version I'm going to experiment with 'Auto' (strict is not an options for newest version on a Mac, or its just called Custom?).
This is about the most complex and highest quality as I can get a DVD and it still play on an AppleTV 3 or higher and iPhone 4S and higher. Typically its ~1/2 the size of the rip and retains all of its quality (lower RF # then 19 has no noticeable benefits with a DVD).
My settings are definitely overkill but when you have as many movies as I do you need to start worrying about storage space. That is why I use an encode preset of SlowER. Any slower then 'slower' and the encode on those presets will be too complex for your AppleTV to decode. Keep that in mind, if you encode something and it won't play right, just up the Encode Preset up one step and try it again.
For BD I'll use Veryslow but usually go for RF21/22 but set the resolution to 720p (lock the aspect and set the horizontal to 1280 which usually ends up being around 550-650 vertical pixels + black bars). I know many people here are now cringing but modern TV's can make up the difference and in testing I needed to use photos magnified to see the difference. Now that I went from a 46" to a 65" its a little bit noticeable but only at an unreasonably close viewing distance. I'll make exceptions for my favorite movies or movies that are intentionally supposed to be visually stunning but not very often. Typically the difference in file size doesn't warrant the unnoticeable difference. However before I get flamed it all comes down to view distance.
Here is a great webpage that illustrates this in real time.
https://mattgadient.com/x264-vs-x265-vs-vp8-vs-vp9-examples/
Watch the file size difference between 480p and 1080p in comparison to image quality. If you open your browser to keep the image sizes the same (smashing the 1080p version) they are practically indistinguishable. The trick is find that resolution for your viewing distance in real life.
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More than enough for low-quality SD material. If file size matters, I'd try 20 or 21.
Again, this seems overkill to me. "Medium" is significantly faster and the difference will be very small (note that this primarily affects the file size, not the quality which is primarily determined by the RF value)
Those are fine. The level is by default determined automatically by the resulting bitrate and some other factors. This does not affect quality, but is simply a flag for the decoder.
I'd try without Denoise unless the resulting file gets too big (noise makes video harder to compress). Deinterlace is usually best set to "Decomb" and "Default" (if you don't see these options, you may be using an outdated version).
If file size was a concern with a DVD I would go straight to a slower encode but try to maintain as much quality as possible, RF19. A DVD is already going to be bad enough no sense in making it worse.
BTW completely correct with quality vs encode speed when using constant quality. However it should be noted if you use an average bit rate the encode speed directly effects image quality. Not sure why anyone would do that unless you were trying to force fit a movie somewhere (SD card, thumb drive, phone/tablet, 4gb FAT32, etc) but in those cases slower is better.
Actually aside from making a video encode too complex for the decoder the slower the better IMO. Well assuming you have the time to spare. I let encodes run overnight because a BD on veryslow on my i5 can take 5-6 hours lol. It will make a noticeable difference in BD and across many movies.
I find it to be quite the balancing act to try to get a single file for multiple devices while using a reasonable amount of storage. I want a movie to look good on my 65" 4k TV, and play on my iPhone and iPad but need them to be a reasonable size and not duplicates for other devices e.g. a lower res version for my iPhone, etc.
You sound like you are really familiar with Handbrake. What settings do you typically use for DVD's and BD's? What is your main focus points? Speed of encode, quality, file size, etc?
EDIT: Btw I use 'encode complexity' in place of 'encode quality' to avoid confusion with 'image quality'.