I prefer having a newer codec with superior quality/size. The only reason you wouldn't use HEVC is if your hardware lacks support, the $0.99 version is for the ability to use the codec in software. It's illegal to use it without licensing, but like most things, hard to enforce. Mostly for company compliance.
Personally I'd much rather use an open standard, and the fact it's better than HEVC doesn't hurt either.
https://www.protocol.com/newsletters/entertainment/av1-open-...
Anyone know how I can play AV1 using hardware decoding?
No, the main problem with HEVC is that it is not licensed under royalty-free terms. In contrast, almost all commonly used internet formats and protocols are licensed under royalty-free terms so everyone is free to use and implement them without paying a licensing fee. Video has been an anomaly.
Imagine if HTML wasn't licensed under royalty-free terms. Or TCP/IP or HTTP or SMTP or any other internet format or protocol that you (probably) use every day. There's no reason why video needs to be a special case here.
Fortunately, video formats like AV1 (https://aomedia.org/) and audio formats like Opus (https://opus-codec.org/) exist for high quality, royalty-free video and audio coding.
These formats are deployed in the real world right now. YouTube, for example, makes extensive use of both. If you have a browser which supports AV1 (Firefox, Chrome, Edge, but not Safari yet), you can see if a YouTube video is playing back in AV1 by right-clicking on the video and selecting "Stats for Nerds".