The quality is slowly improving, and for non-grainy sources most people probably wouldn't notice. That being said, even the best NVENC encode with an RTX 3080 looks worse than a software --fast encode with x265.
One use I've found for NVENC is SD content, such as old DVDs. It does a good enough job there as there's not much detail to start with.
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PC: R9 5900X | 32GB 3600 MT/s RAM | 2*1TB NVMe | RTX 3080 | water-cooled
NAS: SM 48-bay 240TB+ storage | Xeon 1220 | 32GB DDR4 ECC
HTPC: Pentium J5005 | 16GB RAM | 256GB SSD | 15W
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