I have the ATV 4K 2017 and some of the apps thereon do not deliver HDR in 4K video. For example, YouTube is a notorious one. I also have built in Android TV on my Sony Bravia and a Fire TV Cube 2nd gen. Both of those deliver beautiful 4K HDR in Amazon Prime and YouTube apps. My guess, it is yet another stupid Apple issue which they are either to dumb to fix or simply don't care about. The issue seems to be with ATV settings not being fully supported or understood by other app developers, which is understandable since the video and audio settings on the ATVs are a total mess.
Your guess is incorrect.
The YouTube does a device check which determines the specific device and the software/OS than YouTube feeds their encode of choice too it. If its a
YouTube is even kind enough to specifically show us its not sending HDR. If you select "stats for nerds" while playing an HDR video you'll see YouTube is streaming the 2017 AppleTV 4k
bt709 which is SDR color space. Literally nothing Apple can do, its not receiving a video using a wide color gamut therefore its unable to display a wide color gamut.
On that note, in YouTubes defense the AppleTV 4k 1st gen doesn't support vp9 codec (at least not initially, software decoding currently?) so a 4k HDR likely had too low of QoS for YouTubes metrics (dropped frames).
Amazon HDR has been hit or miss since inception. I'm not getting HDR on my ATV4k currently.
Point is the AppleTV is just a streaming box, it will play the video streamed to it. Most of the apps, especially streaming apps are using the same decoding software via AVKit. So if Netflix plays 4k HDR and another app doesn't, its due to the other app (keeping in mind Netflix is HEVC).