If you do not do DRM you can probably get away with only using HLS or DASH and three or so bitrates/qualities. 480p, 720p and source perhaps?
That might double your storage req and the one time encode effort, but running costs are the same (if not less because people will consume less bandwidth).
And after that some of your clients will have terrible buffering because your video file is too large. Other clients will have a 4k TV and your file will be too small. Unless your bandwidth is very cheap you will also spend more money sending your 1080 video to phones with a 720p screen.
So yes you can. But there is a reason that every serious video service has multiple codecs, every client has a different ideal video file and by getting close to that you will provide a better experience.