Even with power savings it was usually more economically efficient to run encodes on a large (12+ core) machine than to deal with limited amount of nvenc slots on GPUs.
NVENC is good at cleaning the noise and fast encoding. ( Or basically Game Streaming ). Which isn't something you want to do if you want to do movies encoding.
Sure, and I think hardware encoders are great when you need speed, certainly for real-time video. But in other cases, well, the medium preset sucks. I always encode videos at `veryslow`, and there's just no way to get close to that with a gpu.
You can mass parallelize it by encoding different clips on different CPUs, this is more optimal because it has less communication overhead.
There's a lot of other free video encoding tools, like avisynth plugins, that are just better than all professional tools. I'm not sure why this is, maybe customers aren't sophisticated enough.