Without knowing extra details about the format you use, the answer is probably yes with VLC.

Mi Box:

- problems with deinterlacing content, think old DVD Rips or Broadcast OTA TV

- problems with old Microsoft VC-1 encoded Bluray Rips (very rare these days)

- the newer 2018 "S" version cannot passthrough HD audio when using Kodi vs the 2016 Mi Box.

- no Gigabit Ethernet for 4K HDR Bluray Rips home networked video playback

- an excellent Mini remote.

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NVidia Shield:

- mpeg2 1080i deinterlacing still does not produce sharp picture outputs.

- problems with old Microsoft VC-1 encoded Bluray Rips (very rare these days)

- cannot hardware decode VP9 Profile 2 - so no 4K HDR YouTube or 4K HDR Google Play content.

- the worst wireless remote in the media player marketplace. Very susceptible to 2.4GHz Bluetooth interference.

​

The Mi Box is fine for playback of the majority of video files from a USB Hard Drive. It will very likely playback more, varied, video content vs your old PS4.

Yes it's a bit slower vs the Shield, but then it's less than one third the price as well (Walmart $50), and it's still getting bug fixing Firmware updates. It's a pretty stable device these days.

Yeah pretty much everything. My TV couldn't play x265 files. Mi Box runs x265 very smoothly!

What format?

I have played mkv, mp4, and iso files with no problems.

Yea you can download es file explorer

It can support most of the formats with VLC.

Of course you could plug an USB to the MiBox S, but how about using a NAS instead

yes, but you will be much better served by an nvidia shield TV, not only can it game better than your PS4, it can play anything with aplomb and without the weird ass random feature breaking bugs of the mibox.