RPi4 B would be a great solution to this (especially for the price, I mean wow that's a steal). I was gonna look around for suggestions but those just have such good prices. I have the RPi 3 A+ and that I use to emulate NES games on a 4k TV (1080p output). Works great, but probably not as intensive as 1080p video playback.
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As it turns out, my brother had one on hand to try out and it played 1080p movies just fine. So yeah, RPi 4 is probably what I'm going with. Either that or a Rock64.
My main rig is an Rpi 4 8 gb. Instead of an SD card I have a 250 gb ssd as it's boot and storage. I'm probably never going to build or buy another rig ever again.
I would go with the RPi 4 over the Rock64, but it's entirely personal preference.
I would buy a used mini-PC or even a Mac mini with Linux on it. I can get them for as low as 30-40 euro with a decent processor, memory and HDD. LibreElec is great but I wouldn't use it if I also wanted to do some web browsing.
Probably an Amlogic S905X.
Just another thing to consider: the codec the video is encoded with matters, h.265 is gonna need a lot more beef than h.264 or mp4.