H.265 is a more modern video codec. It offers better compression rates than H.264 for the same quality of video. The recommended bitrates for H.265 are  approximately two time less than the recommended bitrates for H.264 for the same resolutions. That is with H.265 you could achieve the same quality of video with video files being twice as small (or needing twice less bandwidth in the case of a streamed video). However, in order to efficiently use this codecs you would need to have a hardware acceleration, either for decoding if you want to watch a video or for encoding if you want to encode it. H.264 as an older standard has wider support, but as of beginning of 2023, H.265 also has fairly wide hardware support. Nevertheless, especially if you are using an older device, it is advisable to check if your device has hardware support for H.265 before using it.
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