I have! It's a lot more work to set up, but once you do, the sheer degree of freedom you get is so worth it.

Tradeoffs:

• It will take hours and hours of time that you wouldn't otherwise have to spend using a streaming box or smart TV. A lot of these apps have learning curves and things will go wrong.
• 500 GB is not enough if you're using local files and this all depends on you having enough hard drive space during a time when that stuff is very expensive.
• Expensive, but it's quite repairable and you can play games too.
• There are situations where you'll really want keyboard and mouse to set stuff up, but this would probably be a living room setup and so there'll always be some awkwardness during the most tedious parts of setup.

I've only had DRM problems with streaming services blocking my device very early in the Steam Deck's lifespan, and I've had no issues whatsoever with that on Steam Machine.

• Web browser: How I access all my DRM streaming services, including Hulu and Paramount Plus (which are free with my ISP), Kanopy, Patreon, and Nebula. Ublock Origin Lite is installed, and all ads are being blocked without issue. I picked Vivaldi because it's a good mix of privacy features while having speed dial built in for huge, controller-friendly icons.
• FreeTube: The app I use for YouTube videos. There are more stable apps like NewPipe and SmartTube, but FreeTube is way more customizable.
• KODI: DVD rips. Scraping metadata can be a nightmare especially for multi-episode shows if you're on a controller setup because you need to get all the filenames exactly right. It's better to do all the file tinkering on a separate device before transferring the files, or connect a mouse and keyboard.
• Steam Controller: The only way I've gotten an enjoyable living room HTPC experience since not all apps will have dpad and button support. Prior to that, I was using the touchscreen on the DualSense controller and that didn't work nearly as well, and trying to mouse navigate with a right analog stick is awful.

I haven't actually done much with Jellyfin yet, but someday. You can also get streaming services via emudeck, and I've done that and it worked okay, but it uses Google Chrome (ew) with no support for extensions and you have to set up individual controller profiles for each app.