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At least so it seems https://www.dpreview.com/news/panasonic-did-what-apple-sony-and-nikon-couldnt-overturn-a-red-raw-video-patent/

The FX2 makes a lot more sense than people give it credit for. If you actually need open gate, internal RAW, 4K120 or the stacked sensor, then sure: FX5. If you don't, you're paying nearly another $2K for features you may never use. FX2 gives you full frame, 4K60, S-Log3, proper AF and an EVF already built in. For a lot of jobs that's enough. Different job. Different tool.

That works for long-term storage, but there are really two separate problems here. Transcoding R3D NE to H.265 solves the archive size. It does not solve the card capacity, ingest time, temporary disk space or transcoding time. A more efficient compromise might be to keep R3D NE only for the selects that actually benefit from RAW flexibility, then batch-transcode the rest to H.265 in REDWideGamutRGB / Log3G10. So the weak internal H.265 still matters. The workaround is viable, but it moves the cost from storage to workflow.

Why does nobody talk about the FX2? Much better value for money!

If you can afford the cards and temporary space on an internal drive, you could shoot in R3D NE in camera and then after transferring the files to the computer, convert it to log h.265 and delete the original files. By doing this you can get high-quality h.265 and avoid the long-term accumulation of storage otherwise needed for the raw files, not much different from having a high-quality h.265 codec in the camera, apart from the fact that you would need large memory cards and some space on the computer's internal drives for this step. I'm not trying to make an excuse for Nikon for the h.265 but suggesting a workaround who have this camera for one reason or another, and need a practical workflow.