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Want to start a home NAS for photo/video backup and media library

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Hello guys, so I'm planning to start a home NAS at the request of my wife who is a major video/photo hoarder. Our requirements: On the fly photo/video upload for emergency cases (for travels), redundancy for long term family photos/videos storage, media streaming to our LG OLED/SAMSUNG 4K TV (1080p to 4K media) and games and software backups.

Here is my question: is DS220+ (460$) enough? I can cough up 200+ more for a DS920+ (688$) if needed but I would like you to help me optimise my costs for my use case. I'll be getting 2x 4TB WD Red Plus for 110$ each.

So here is what I'm planning:

The DS920+ will be directly connected to my router. Users will be my desktop, laptop, our phones, LG and Samsung TV. I will be running on PLEX for the media server but I read about transcoding and etc so could you elaborate cause I don't really understand it. I'm planning to get a Nvidia shield TV pro for the living room tv for computer games streaming as well as dedicated PLEX player
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