You could probably do a sticky round robin reverse proxy with a few backends doing transcode.
The biggest issue is bandwidth, but you probably knew that.
Nvidia arbitrarily locks number of encodes between 2 to 5 streams, depending if you're willing to run hacked firmware and drivers.
Multi-encoding on nvidia is a "professional card option" only.
Intel's ARC line has no such arbitrary encode/decode limit. And they are significantly cheaper as well.
https://jellyfin.org/docs/general/post-install/transcoding/h...
You could probably do a sticky round robin reverse proxy with a few backends doing transcode.
The biggest issue is bandwidth, but you probably knew that.