It’s either new/newer programs, although I have not checked older programs, or Netflix, for some stupid reason, only offers AV1 to Premium users. I see only H.264 for Stranger Things Tales from ’85.
I, for one, refuse to go higher; I have the standard without ads.
The only other choice is Premium: $26.99 / month.
Of course this then gives 4K availability via stream devices.
I know before when prices were talked about, it was most likely cheaper than going to the movies, but for me on a limited income, I can only go so far. And I have not gotten to the movies in over 20 years.