Blu-ray and 4K UHD Blu-ray can be done on PC. I still prefer the quality that BR and UHD BR offer over streamed options. Even with Netflix Dolby Digital Plus, the audio is better on the disks.
Get a GTX 1050 Ti or above, and you can get 4K Netflix - and that is soon to be extended to some AMD gpus, too.
There is a lot more flexibility, as I see it anyway, with an HTPC, and done right, it fits well in a home theater without extra noise, etc. As for electrical power, that can also be done right, too, by picking the right cpu/graphics cards, etc. It really does not take much computing power for a media PC.