I work with large-scale neuroscience imaging, and this is exactly how we compress 3D image stacks (i.e. 3d volumes) captured with confocal microscopes. Since adjacent frames are usually quite similar, there's a ton of redundancy that H.265 can exploit, and the compression ratios are amazing. For multi-channel volumetric imaging, we use ffmpeg to encode each channel as a movie and then combine all the channels into a single HDF5 file.