The general gold standard (and what your Netflix example uses as well, shown in its package.json) is three.js and some animation library – in Netflix’s case, tween.js which I’ve never heard of before. Usually people pair gsap with three.js from my research.
It’s the gold standard because it’s so popular.

If your animation is strictly 2D you could instead use pixi.js, as it is pretty popular too. Even inspecting the pixi.js website, they’re using gsap to animate their fade ins/outs.
It comes down to personal preference.

Advanced animations on a webpage, or using canvas in general I wouldn’t think to be a good fit for LiveView depending on the implementation. I could see how you would be able to “fire” off multiple events which then trigger a bubble moving from one endpoint to another without changes to the DOM. I would just be prepared to write a lot of javascript and possibly pulling in another rendering engine, like React which is what your Netflix example uses – which may defeat the purpose of choosing LiveView! It really depends on how much UI state you have to handle, how much you have to keep track of on the page.