I formerly owned a top-spec D700 Mac Pro. It's Achilles Heel was no hardware acceleration for video decode or encode. It was fast on ProRes and FCPX was fast on effects because it leveraged the dual D700s, but using H264 or most any Long GOP codec it was slow.
In general a GPU will not help encode or decode. The GPU can harness hundreds of lightweight threads to attack a graphical problem in parallel, but decode/encode of H264 and HEVC are inherently sequential. The core algorithm must be run faster, which requires dedicated hardware such as Intel's Quick Sync. Unfortunately Xeon doesn't have this.
The iMac Pro uses Xeon but has a T2 chip Apple uses instead of Quick Sync. It's way better than the "Trash Can" but it's still not as smooth and responsive as the latest generation Macs such as a 2019 MacBook Pro 16 or 2020 iMac 27.
GPUs have dedicated video acceleration which is totally separate from the normal GPU logic. It's bundled on the card and accessed with separate APIs. nVidia GPUs use NVDEC/NVENC, AMD has UVD/VCE, and more recently VCN. However each of these were released in various versions with differing capability, bugs and software frameworks. Quick Sync has had different versions but it was a more constant facility, so most developers used that.
Besides Long GOP there are other problematic codecs such as 4k 10-bit 4:2:2 All-Intra from Panasonic and the new Sony A7SIII. The latest versions of DaVinci Resolve on recent Macs are a lot faster than FCPX 10.4.9 on these. Apparently Apple needs to upgrade FCPX to more effectively leverage hardware video acceleration.
I have a 10-core Vega64 iMac Pro, so understand your concerns. the Vega 56 or 64 GPUs are actually pretty fast, but when doing stuff like Neat Video there is no such thing as fast enough.
Max Yuryev and his other site Max Tech have done lots of eGPU testing on various Macs and NLEs. In general the results are sometimes useful but overall not great.
My suggestion is stick with what you have or maybe as an interim step get a top-spec 2020 iMac 27. That would help some on Long GOP decode/encode, and it's possible Apple might later leverage AMD's new VCN video accelerator on the XT 5700.
I believe with the new Apple Silicon Macs Apple will unify and expand hardware video acceleration, and help clean up the mess of all the varying standards. We can see an early indication of this on the 2020 iPad Pro where the LumaFusion NLE runs most of these "difficult" codecs very well.
This coming week Max Yuryev will release extensive video editing benchmarks on the 10-core 2020 iMac 27 with 5700 XT. That will show the good, the bad and the ugly of how FCPX and other NLEs work on that hardware today. It may also give hints of what future improvement is possible on that same hardware while we wait for Apple Silicon Macs.
If you have specific workflow elements that are slow, examine these closely - don't just throw hardware at it. E.g, if Neat Video is a problem, the latest versions are a lot faster. Upgrade to those. Use the built-in Neat Video performance optimizer to evaluate and configure it for your hardware. For other plugins or Fx, do likewise.
FCPX is a lot faster if using proxies. The previous proxy system was fragile and difficult, but 10.4.9 has totally revamped this, including customizable proxy sizes and relink ability. Examine this closely - it could greatly improve performance on difficult cases, and using it costs nothing.
Edit/add: See these tests just posted by Max Tech comparing the base iMac Pro vs the new 10-core iMac 27 on various video editing tasks: