Custom OS isn’t going to address the anaemic hardware, nor do I think relying on open-source custom ROMs for a niche item is the best way to ensure any hardware-level vulnerabilities are covered.
Not only would it give “anemic” hardware new life, I can point at how its already been done at another in home device. Routers. DDWRT/OpenWRT/Tomato do exactly that for old, otherwise useless routers.
Literally every single argument you make can make against it has been proven wrong, and has in other devices, be addressed with a custom OS/Firmware that is designed for purpose without all the bloat and other BS.
You can adamantly say “Nuh uh!” all you want, but it doesnt change the facts.
You can buy PS5s for every TV in your house if you want to, Not everyone has that money, luxury, or stubborn desire.
That anemic device uses hardware decoding in order to be able to decode the video data fast enough - it is literally unable to handle newer video encodings fast enough because it would have to do software decoding, which is were the anemic part totally kills it.
Routers on the other hand have been entirely done in software for ages (with at most hardware support for the encryption in things like SSL, which hasn’t changed in decades) and don’t have to reliably process 4k of data within 20 ms (for 50Hz) time frames.
Your example is very much an apples and oranges comparison.
Good luck implementing all the display color calibration, pixel refresher, anti-burn in features, etc… on these new TV panels. Personally I’d rather keep my warranty and just use a separate device to run the apps.
Okay, you buy a new TV every year just to have a warranty.
Most people dont have that luxury.