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That's what I use mine for. Movies/TV on a synology nas and the audio to an amplifier with a built in DAC.

I just can't get on with plex so I still use kodi.

The only issue i have is that my mini does not wake the tv up from sleep.
 
I also wonder about HiDPI. How big will macOS be on a 4K TV in the size 50-55 inches? Do I get the opportunity for scaling?

That's what I use mine for. Movies/TV on a synology nas and the audio to an amplifier with a built in DAC.

I just can't get on with plex so I still use kodi.

The only issue i have is that my mini does not wake the tv up from sleep.
What do you do when Mac mini doesn't wake up the TV?
 
Yes, an Apple TV is definitely better for media consumption. The advantage of the Mac mini is that you can do more though (at the expense of poorer media consumption).
 
I use a mac mini M1 (base model) as a smb file server for local network storage and as a tv/media computer with a logitech keyboard/trackpad combo in the living room. I connected two external usb hard drives for more storage. Works great for that purpose, and it consumes very little power.
 
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