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Here is what I am considering at the moment:

QNAP TS-464 8G US

Asustor AS6604T (Amazon has a used one at $508).
The difference between this and the newer AS6704 is minimal from what I have found so far.

I have a WD 20TB external drive that currently has all my digital media stored on it. I have about 10GB digital audio files on it in iTunes m4a format that I would like to stream, but the vast majority of my content is MKV and some MP4 video files. The total size is about 10TB at this point, but I will be adding more 4K UHD movies and 4K TV shows in the future. I would also appreciate your recommendations for what size and type of drives would be best for my NAS configuration.

I would appreciate any feedback or recommendations as to what NAS would best suit my needs. I also plan to upgrade the RAM to 8GB and add M2 NVME cache. I'm not sure what amount of cache would be best fit for Plex.

Both the QNAP TS-464 8G US and Asustor AS6604T are suitable NAS options for your needs. They both offer 4 drive bays, sufficient RAM for streaming, and user-friendly interfaces. When selecting hard drives, consider NAS-optimized drives like WD Red or Seagate IronWolf, with capacities of 10TB or larger for your expanding media library. Adding an M.2 NVMe cache may enhance performance, but its impact on Plex transcoding might be minimal. Consider factors like pricing and specific features to make your decision.
The size of cache depends on the average project size. Home environment is is around 250-500GB.