Yea go with a faster processor. If you want the ability to support a dozen or more transcode streams, any 8th/9th gen i3 or i5 should do the trick. Just make sure you don’t get a F variant as those don’t have integrated graphics and therefore can’t do QuickSync. See the JDM hardware transcoding guide esp section on QuickSync.
If you only need 4-5 streams, build a NK4.0 which should easily be able to do everything you need.