The feature is called <a href="https://docs.joinpeertube.org/admin/following-instances#instances-redundancy" target="_blank">"server redundancy"</a> and caches your most popular videos to help serve additional viewers.
Video transcoding: can be mitigated using <a target="_blank" rel="noopener noreferrer" href="https://docs.joinpeertube.org/admin/remote-runners">remote transcoding</a> by remote workers
We welcome you to take part in discussions to <a target="_blank" rel="noopener noreferrer" href="https://github.com/Chocobozzz/PeerTube/issues">help ongoing efforts</a> in that direction or <a target="_blank" rel="noopener noreferrer" href="https://github.com/Chocobozzz/PeerTube/issues/new">suggest new ones</a>!