Netflix does not encode content per-user, it's all static content on CDNs
For every segment in a video there will be two versions. Every user will get a unique sequence of segments served to them.
Also, I assume the file in question is 4K content. Don't know about how they treat other types.
If a single video has say 100 segments, you get more than enough unique combinations to guarantee uniqueness. There would of course have to be a mapping between user/device ID and segment order.