No transcoding while streaming over internet?

[Spook50]

Can you share the media info the for video?

In the Jellyfin UI click on the "..." context menu for the movie and click media info.  Click the copy icon at the top of the window that pops up.

Here's the info it shows for Despicable Me 4:

Video
Title: 4K HEVC HDR
Codec: HEVC
AVC: No
Profile: Main 10
Level: 150
Resolution: 3840x2068
Aspect ratio: 1.85:1
Anamorphic: No
Interlaced: No
Framerate: 23.976025
Bitrate: 25214 kbps
Bit depth: 10 bit
Video range: HDR
Video range type: DOVIWithHDR10
DV title: DV Profile 8.1 (HDR10)
DV version major: 1
DV version minor: 0
DV profile: 8
DV level: 6
DV rpu preset flag: 1
DV el preset flag: 0
DV bl preset flag: 1
DV bl signal compatibility id: 1
Color space: bt2020nc
Color transfer: smpte2084
Color primaries: bt2020
Pixel format: yuv420p10le
Ref frames: 1



For comparison to a 4K movie that does work just fine outside of my local network (though it's SDR and not HDR), here's the info it shows for my rip of Spaceballs:

Video
Title: 4K HEVC SDR
Codec: HEVC
AVC: No
Profile: Main 10
Level: 150
Resolution: 3840x2080
Aspect ratio: 1.85:1
Anamorphic: No
Interlaced: No
Framerate: 23.976025
Bitrate: 6391 kbps
Bit depth: 10 bit
Video range: SDR
Video range type: SDR
Pixel format: yuv420p10le
Ref frames: 1


Something I noticed is that the bitrate for Despicable Me 4 exceeds the maximum Internet streaming bitrate I have set. Would I be correct in assuming that Jellyfin should still transcode to a lower bitrate to accommodate, or is that not the case?