I know about presets but faster presets lose the video quality. Are there
any hardware requirements I need to consider? Or are there any settings
that I need to tweak? And lastly where do I place the -threads flag to
encode video (before input or after input), I saw topics on thread but they
were confusing.

This is the command I am using now:

ffmpeg -i input.mp4 \
            -codec:v libx264 -tune zerolatency -profile:v main -preset
medium -crf 23 -maxrate 1000k -bufsize 10000k -s hd720 -codec:a libfdk_aac
-pix_fmt yuv420p -movflags +faststart -threads 4 highoutput.mp4 \
            -codec:v libx264 -tune zerolatency -profile:v main -preset
medium -crf 23 -maxrate 500k -bufsize 5000k -s hd480 -codec:a libfdk_aac
-pix_fmt yuv420p -movflags +faststart -threads 4 lowoutput.mp4
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