As per the title, im curious as to which may be the best option.
As far as I know, the M8S Pro Plus is Widevine Level 1 certified and has a flashable Android TV ROM so would make for a cheap device. I'm not too fussed about the flashing aspect so this would make for a cheap Android TV box.
Obviously the advantage to the Xiaomi is, it's a little more but it'd be all official.
Price would also be an aspect: £50 - £60 for the Xiaomi or £26 for the M8S Pro Plus.
I've actually tried this ROM. It's stable. Everything mostly works.
Issues:
DPI - The dev. left the DPI at 240, while every official ATV device uses a 320dpi. It's a simple build.prop edit to fix. Otherwise some apps will have weird graphical issues, like the live TV app for example. Things won't line up properly in some apps without the build.prop edit.
Casting - Doesn't work. I have a modified apk that will allow you to cast your screen using the official Google Home app. Send me a msg if interested.
Remote - No voice search. There are a few remotes that you can purchase that have a mic and that will work with this ROM, but it will add to the overall price.
It really comes down to personal preference. Do you like to fiddle with your devices, or do you want them to just work. I like to fiddle, which is why I own official ATV devices and use/make unofficial ATV ROMs for other boxes.