Do you already have a 4K monitor, is that why you ask? Short answer, probably not.
Just like when you buy a 4K UHD TV, if it doesn't say in the specs that it supports HDR10 & Dolby Vision HDR, then it does not. Most 4K UHD TVs made before 2016 will not have HDR at all, and only some currently support both.
The retina iMacs do not appear to support HDR, only 500 nits, not enough brightness to do HDR. The LG 4K & 5K monitors apple sells are using the exact same LG panels found in the iMacs, so, no go there either.
To utilize 4K HDR content, the ATV 4K must be connected to a compatible UHD TV and you have to use a HDMI 2 cable. Any old HDMI cable lying around won't work. (I think most UHD TVs come with HDMI 2 cable, but, not sure.)
Lastly, I'm not sure if any monitor out there supports HDCP 2.2, which is the copyright protection for 4K content, this requires using one HDMI 2 cable, which, most 4K monitors use two HDMI 1.4 cables, or two DisplayPort cables to connect to computers, to utilize 4K, as, most computers don't have HDMI 2 output, the only other way is one cable via TB3, which, as far as I know, only the LG monitors already mentioned above use that connection, and, it is unknown, at this time, if these will work via any Mac. That being said, if it has an HDMI 2 input, one could try that with the new ATV 4K.
see:
Find and watch movies with 4K, HDR, or Dolby Vision https://support.apple.com/en-us/HT207949
"Only the Apple TV 4K, connected to a 4K-compatible television with a compatible ultra-high speed HDMI cable, can play 4K content."
I'm sure, once ATV 4K units are delivered, we will find out more when people try various ways to use it.