Ok, here's time to run some hwdec-related tests myself
Mac Mini 2014 equipped with Core i5-4278U (2.5 GHz up to 3.0 (?)) and Iris GPU, which is definitely faster than any Core-m7.
macOS 10.12.1
Comparing CPU load with different "hwdec" values: off vs. auto-copy
SVP is OFF in all cases
1080p h264: 12% at 2.8-3.0 GHz vs. 6% at 2.5 GHz
1080p + Hi10p: 15% at 2.8-3.0 GHz in both modes
2160p h264: 35-50% at 3.0 GHz vs. 12% at 2.5 GHz