Thanks for your tests.
Take into account that a grainy input video might not be a good test. The gain is (partially) removed when the file is encoded to h264. And trying to keep the grain anyway means only that the encoder will have more work to compress the video stream, and that the resulting video will consume more disc space. You have to compare the final result after compression by x264, and take into account the compression level and the final file size as well as the image quality.
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