https://developer.nvidia.com/video-encode-decode-support-matrix
https://jellyfin.org/docs/general/post-install/transcoding/hardware-acceleration/nvidia/
I think even the igpu on that p320 would do what you need.
this post was submitted on 30 Sep 2025
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It should support NVENC according to TechPowerUp. I have only ever used raspberry pi and intel hardware for jellyfin, so I don't know how well nvidia does when going down in specs.
I've got a P400 desktop and it handles everything it should. The matrix of another commenter is an important document to keep handy.