SOLVED: Bring back libvlc

[Efficient_Good_5784]

Will 0.16.11 be compatible with the newer Jellyfin versions?

No guarantees it will continue to work with newer server versions.
The Jellyfin team can only guarantee support for the latest version of releases.

Alternatively, since there still is a “Use external player” option, which player is most similar to libvlc?

You can try to use other players found in the Google Play store.
Like VLC or MPV, but how well that will work depends.