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If I were you, I would look at the chinese offerings on aliexpress. If you carefully read the spec sheets, you can find excellent price/performance
Just looked around and there are mini PCs for around 130€ with Intel N100 CPUs, which have a 6W TDP, AV1 decoding and they beat an i5 6500T (that one's in a 130€ Dell Optiplex I found on ebay) in single core and gets close enough in multicore. Is there some kind of catch I'm not seeing with that CPU? Because it looks perfect for my use case.
One catch is that you have to assume it's gonna be sending data to China or at least have a hidden backdoor, possibly both. That may not matter depending on what they are doing.
Another catch is that the hardware design is bad. They usually cheap out and those machines have close to no ESD protection on all I/O ports. A simple short in a USB device will most likely kill the motherboard and/or CPU.