You definitely could. I tried, and it works like a champ. The only downside I see to this approach is that JellyFin’s UI for TV kinda sucks. It’s unintuitive, and for Android TV barely usable. So I decided to use the local M3U file from Dispatcharr with Televizo app. It’s available for Android TV (free through external APK), and the UI is far more polished.
I’ve tried Threadfin and Dispatcharr. For me, the only one that worked properly was Dispatcharr.
I came up with a very convenient way to stream IPTV in my home. If you have a home server with docker, Dispatcharr alongside Gluetun is the way to go.
Dispatcharr allows you to proxy all your IPTV channels to a local URL, and if you attach its network to Gluetun, Dispatcharr will fetch the IPTV content through the VPN server of your choice, and return it to your local network via HTTP (giving you a local only M3U list). This M3U could be used anywhere in your home, and you don’t even have to bother about VPNs per device.
Wait some years until the game is fully updated and with all DLC released. Then download a pirate copy of it and burn it into any optical media (CD, DVD or Blu-ray). Boom, you got it until forever. Truly yours.