No, you need an OS an iGPU that supports tone mapping. Hint: Not windows but theres been so much well intentioned advice thats not correct at this point, lets start from the beginning.
Transcoding in software is horribly inefficient for video, more so in H265 than H264, more so in 4K than 1080p, so a 4K H265 transcode in software is just stupidly taxing. So, you ned to buy PlexPass and then we use iGPU to do it, and the HD630 is the ideal choice, the first gen that had that across the board was 8th, literally anything with an HD630 will transcode 4K H265 without issue. The HDR caveat is an OS issue, linux wins, windows sucks, its been this way for Plex for many years on other features too, windows is just a poor choice.
If you don't want to buy PlexPass then JellyFin has matured a lot since its fork from emby and offers free hardware transcoding, but the client support is still the weak spot. Emby offers paid options, but with more restrictions than Plex in terms of devices, its TV integration support is way better though.