Radeon VII + i7-8700K running as iMacPro1,1 playing 8k60 footage on YouTube.
CPU does all the work. There is no VP9 acceleration in macOS and it doesn't matter which GPU you use. Apple simply hasn't implemented it, period. All they support is H.264 and H.265 aka HEVC. If I put additional workload on the CPU it starts dropping frames. If I put additional load on the GPU it does not drop frames.
On Windows VP9 GPU acceleration works fine and decoder load is even displayed in the task manager. If I put load on the CPU while playing, no dropped frames. If I tax the GPU while playing, it starts to drop frames. Exactly the (expected) opposite of macOS as logic suggests.