[j_cool]

I don't know how players work internally.

It is matter of giving a try to each one and find one that suits you.

I never use mplayer for live streams.
However, when playing some video files it is the one that works the best at that time.

As you see from my last post, VLC does play it with streamlink.
If we knew how to use vlc parameters right ...

What streamlink cannot do is go between resolutions.
For example, on your site there is big jump between low and high,
none that suits me.

This can be recorded with ffmpeg, and set video size to your liking.