X264 still does some things better, but I think NVENC may have the edge when it comes to what you want for livestreaming video. For this text, I set NVENC and X264 to record at a bitrate of 6 Mbps.

Netflix encoded the files using content-adaptive three-pass encoding, where a first pass used CRF mode (x264 and x265) or constant QP mode (VP9) to determine the appropriate target bitrate. Then ...