Transcode video to support HTML5

How far along is the transcode functionality at this moment ?
When installing and enabling the 'Video' module and the 'Video Transcode' module we get a 'Video jobs' page at /admin/config/media/transcode-jobs/list and a 'Presets' page at /admin/config/media/transcode-preset.
Wondering if any of the functionality in there is working; if there is any way to get a video to be transcoded at this moment.

For the maintainers This also exists https://www.drupal.org/project/php_ffmpeg → and https://www.drupal.org/project/local_video_thumbnail → if it helps speed up transcode development.

I'm also finding that the Zencoder and transcoding options do not render - is this in the works? A similar post mentioned this a year ago so wondering if any work continues on this.