Just watched Sintel in 4K using display hardware YUV->RGB conversion and scaling on #gnome Mutter with #mpv - no 3D GPU usage (no shaders, no compositing) and also very littly CPU usage (video decoding done by VAAPI) and thus very power efficient.
We are finally getting there - unleash the power of #Wayland :P
If you're interested in the technical progress or want to try: https://gitlab.gnome.org/GNOME/mutter/-/merge_requests/3177
https://github.com/mpv-player/mpv/pull/12237