It has been discussed on the forum - also quite recently, again ! - that this is basically working. I’ve been using this as well with my FullHD Plasma. E.g. Dunkirk looked amazing…
But the downside is still that the conversion from HDR to SDR is not something that is standardised, but has to be done manually (by the devs here) by dithering. This may look ok on many TVs/projectors at the moment, but some people are not too happy with it. It may also vary from movie to movie whether the result is pleasing. But @sam_nazarko has said before that some dithering profiles might make it into a future update to adjust HDR → SDR conversion according to one’s own taste.
See e.g.:
Please search the forum before asking questions again that have come up many times before…