4k 120Hz HDR is what current gen consoles can output right now and what is becoming common even on mid-range TVs (quality of HDR aside). I’d expect you’d want most of that experience or future-proof solution that would allow that when you get a new TV.

• No SBC that I know of can handle 4k 120Hz HDR output, so getting the most of moonlight is not possible.
• Low latency decode requires some work to get running
• AV1 encode/decode has even more latency, do you will be running higher bitrate h264, which in turn means wired network connection is recommended.
• Streaming services limit 4k and/or HDR access on a lot of content to locked devices. E.g. Netflix only guarantees 720p sdr when watching in a browser - how much more you get depends on the deal with the copyright holder.

Tl;dr; a long, active fiber HDMI cable + USB over IP might be cheaper, better and easier. That’s what I ended up buying despite the cable length being 60m (200ft).