If the HDMI-USB capture card that outputs `mjpeg` exposes a `/dev/video` node, then it might be as simple as running:
`SDL_VIDEODRIVER=kmsdrm ffmpeg -f video4linux2 -input_format mjpeg -i /dev/video0 -f opengl "hdmi output"`
An alternative could be if you can get a Raspberry Pi 3 or even 2, and can get a distro where `omxplayer` can still be installed. You can then use `omxplayer` to display your mjpeg stream on the output of your choice, just make sure the `kms/fkms` dtoverlay is not loaded because `omxplayer` works directly with DispmanX/GPU (BTW, not compatible with Pi 4 and above and much less 5), which contains a hardware `mjpeg` decoder, so for the most part, bytes are sent directly to the GPU.
Hope some of this info can be of help.