Interesting. Thankfully, LibreElec think the Raspberry Pi 5 is strictly better, despite shifting to software decoding:
> BCM2712 supports HEVC 4K60 hardware decoding. It no longer supports H264 in hardware. This might sound odd but it removes the RPi4’s 1080p restriction on H264 decoding and the 4K H264 test media we have has played. The big increase in performance from the Quad-Core A76 chip means RPi5 can software decode AV1, H264, VC1, VP9, and more at 1080p with ease
So no encoders and no h.264 decoder.