Transcoding is a fairly common feature, although typically to mp3. I use Navidrome [0] to self-host my own music, and it lets me set up custom transcoding profiles with ffmpeg.
KDE's Amarok (semi-dead project) can automatically transcode audio files if you copy them to e.g. a phone, Jellyfin (an Emby fork, which is a Plex clone) can automatically transcode files on the fly during playback.
I've simply written a small python utility to handle everything automatically.