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Pi5 partitioning.
(lemmy.world)
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Probably, for what you described, with one condition: no transcoding. If Jellyfin can direct play your files to that one device, the server just hands the file through, and the device's codec support is the limit, not the Pi. If files need transcoding, a Pi 4 is the wrong box for it; an Intel N100 with Quick Sync is the step up I'd look at. So check what your TV or player can play before you buy the second Pi.