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Which Android box are you looking at that's cheaper, has a more up-to-date OS version, and does 4K+HDR?
Main difference is Android TV OS with all apps having a proper TV UI designed to be used with a remote, vs Android OS with a TV friendly launcher, but all the apps pretty much designed for a touch screen.
Do you need root access, XposedFramework, flexibility, and other powerful functionality your Android phone has?
Right before I bought a mi box I bought an Android box. It was a fairly good one: https://www.amazon.com/gp/product/B01LXX1XSX . I got that box for $45 so it was about $25 less expensive than the mi box (I signed up to do a review to get it for $45). The specs are about the same as mi box, but it had two USB ports, ethernet, and a SD card slot as well.
It actually ran as fast or faster to me as my mi box. The apps that I run on my mi box all worked without needing the mouse mode of the remote. There were apps installed that are not Android TV apps that did need mouse mode, but the same is true on the mi box, the difference being I have to use an actual mouse to use them on my mi box since the remote has no mouse mode.
Oh, ironically Amazon Video was easier to install and it ran a much better version than the kludge I am forced to use on the mi box.
Yet I returned that android box and kept the mi box. I really can't say the android box that I had was bad. Indeed there are things I miss, but in the end I preferred the mi box. A few reasons:
1.) Genuine Android TV, which I felt was better supported. This subreddit, for example, is here should I need help. 2.) Google Cast support. 3.) The remote is better (the android box's was very directional IR not bluetooth, and no voice search). 4.) Live TV. 5.) Updates (hopefully!).
Do you like Netflix in HD? If so then avoid Chinese boxes.
You like integrated voice search? Avoid Chinese boxes
You like decent hardware / software OEM and community support? Avoid Chinese boxes
You like live channels support? Avoid Chinese boxes
Specs aren't everythjng