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A dedicated graphics card is not strictly necessary for watching 4K movies locally, but it can significantly enhance the viewing experience. Here are the factors to consider:

With a Dedicated Graphics Card
Pros:
1. Performance: Dedicated graphics cards are designed to handle high-resolution video playback smoothly, reducing the risk of lag or stuttering.
2. Hardware Acceleration: Many dedicated graphics cards support hardware acceleration, which offloads the processing work from the CPU to the GPU, improving playback efficiency and quality.
3. Better Compatibility: They often have better support for modern video codecs like HEVC (H.265), which is commonly used for 4K content.
4. Enhanced Visuals: Some graphics cards offer enhancements like better color reproduction, HDR support, and smoother frame rates.

Cons:
1. Cost: A dedicated graphics card can add to the overall cost of your setup.
2. Power Consumption: They consume more power compared to integrated graphics solutions.

Without a Dedicated Graphics Card (Using Integrated Graphics)
Pros:
1. Cost-Effective: Using integrated graphics eliminates the need for an additional purchase.
2. Lower Power Consumption: Integrated graphics typically consume less power.
3. Sufficient for Many Needs: Modern integrated GPUs (e.g., Intel UHD Graphics, AMD Ryzen APUs) can handle 4K playback reasonably well, especially for non-intensive tasks like video playback.

Cons:
1. Performance Limitations: Integrated graphics might struggle with high-bitrate 4K content or heavy multitasking during playback.
2. Limited Features: May lack advanced features like HDR support or hardware acceleration for certain codecs.

Key Considerations
1. CPU Power: Ensure your CPU is powerful enough to handle 4K video decoding if you're relying on integrated graphics.
2. Media Player: Use a media player that supports hardware acceleration (e.g., VLC Media Player, Kodi) to get the best performance from your hardware.
3. 4K Content: Ensure your content is encoded in a format that your hardware can efficiently decode (e.g., HEVC).

Conclusion
- Integrated Graphics: Suitable for basic 4K movie playback if you have a modern CPU with capable integrated graphics.
- Dedicated Graphics Card: Recommended for smoother performance, better compatibility with modern codecs, and enhanced visual features.