Mostly use mine to view my hardware CCTV box. Means I can keep it hidden away but still easily get access to the streams for live viewing or playback.
Works well enough and was easier, less time consuming than the rabbit hole of selfhosted CCTV software.
Cost less than £50 to get setup and the software is available in a free version.
If you take the plunge to re-encode, check out the self hosted app tdarr, very handy for large libraries, or watching folders for new files, plus you can distribute the load to other computers if you have any spare headroom.
Encoded over 20tb in a few days with three machines and saved around 6tb of space.