Hi,
there is no 'best', it depends on the video-content itself and also the devices and users you want to support.
E.g. more powerful devices are like more able to decode higher-spec videos with good performance than slower devices.
Same for the network connection - faster connections allow higher bitrates then slower ones.
Additionally also server/traffic cost can be a topic.
So the video encoding can be something very individually, maybe just research a bit and test/measure as much cases/devices as possible...
Best regards,
Klaus