I have only just started using StrreamFab with Netflix, so I am not real sure about what I am seeing - posting this to see if anyone else can confirm it?
I have the Netflix settings for h265 - SDR.
When I download movies, they are in H265, but when I download any series, it shows H265 when the analyzing starts, then switches to H264 for the downloads of every episode.
Mauser
Not every show is available in H265. Most Netflix originals are H265 but if it's an older show, it may not be or only the more recent seasons are in H265.
The list above is about 95% accurate in telling you what will be in H265
