This is correct. AFAIK now, all major players have given up on using iGPUs for video decode/encode and are using fixed function hardware alongside the CPU and iGPU. The Intel marketing slides CAT posted illustrates Intel's efficiency gains in using more hardware decode, showing a drop from 5.8W average to 0.8W, which as you point out is nowhere near any TDP limit.
kompukare makes an interesting point. I didn't think Intel would give different iGPUs to the Pentiums, given they are already at the budget end of the stack but looking at it, the 630 would probably be a welcome upgrade but I am unable to find the number of execution units for 610, whereas the 630 is 24EUs running at up to 1.1GHz or 1.05GHz in the 4600 and 4600T Pentiums respectively. Given the choice, the 630 can be had on the 4600T for 10 pounds more than the 4560T with the 610 iGPU on Scan.