I think it was talked about at least once before; Netflix, for some reason or another, almost completely eliminated H265, except for the RED NETFLIX titles.
I did check via USA, Cobra Kai, and I get H264, VP9, and AV1.
I prefer AV1 and have been using that for a long time.
So try it and see or stick with H264.
ADDED: In fact now I checked a few RED NETFLIX movies, and there’s no H265 there either.