[kempbellt]

Transcoding video won't work on a Raspi (in any realistic sense), and video streaming is pretty I/O intensive if you have multiple clients.

You can certainly get a similar thing working on a Raspi, but you'll likely notice buffering issues. Especially if you try to stream different content to different clients.

[mantoto]

Keep the hot stuff on a nvme.

Your archive on bigger drives next to it. Problem solved.

If that's not enough use zfs with a nvme cache and add a few more sticks of ram I to it.