I've been a long time jellyfin user but I haven't been able to ditch plex completely because of this problem. On my linux system with nvidia, with hardware decoding enabled/off/copy or with any of the codecs, I get this weird color bands in video when I use JMP. It doesn't happen with the plex app or when directly using mpv with the jellyfin-mpv ship. I have identical mpv config files for mpv for JMP and my system, with vanilla mpv having no issues.
I am at my wits end regarding what might be causing this and I end up using the plex app even though I hate the interface.
Plex and JMP both use mpv under the hood, so the only difference is going to be playback settings. I am pretty sure the profile=gpu-hq setting enables debanding so that is probably the culprit. Your mpv example is noticeably smoother so that is some really heavy-handed debanding while Plex goes for something more balanced.
The JMP is probably exactly how the source looks so ideally you should find a better source that doesn't have banding in the first place. That is some really bit-starved video. But if you want debanding you could try adding an mpv.conf file to JMP and try some different deband settings. The defaults by adding deband=on should be enough but you can also mess with the threshold/range/grain options if necessary.