Release target is tentatively mid April according to here..
this post was submitted on 05 Mar 2024
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Over h264 sure, but h265? Hardly worth it for me.
In my experience the saving over h265 is still consistent and given that hardware h265 is less common that av1 on new devices, from h264 there is no need to go h265 but directly to av1 is better if you need to do the job.
Keep h264 otherwise.