- No SBC that I know of can handle 4k 120Hz HDR output, so getting the most of moonlight is not possible.
- Low latency decode requires some work to get running
- AV1 encode/decode has even more latency, do you will be running higher bitrate h264, which in turn means wired network connection is recommended.
- Streaming services limit 4k and/or HDR access on a lot of content to locked devices. E.g. Netflix only guarantees 720p sdr when watching in a browser - how much more you get depends on the deal with the copyright holder.
Tl;dr; a long, active fiber HDMI cable + USB over IP might be cheaper, better and easier. That's what I ended up buying despite the cable length being 60m (200ft).