This is a 1st-gen chip with H.264 and VP9 support. Apparently, they've already got early versions of the next generation with AV1 which will hopefully mean wider adoption of AV1 will be coming in the next few years.
AV1 is already here. Lots of YouTube videos have AV1 encodes and they'll playback in software on your desktop as long as your browser supports AV1. You can see which codec you're using by right clicking on the video and selecting the "Stats for nerds" menu item.