NO! That's a highly traditional/conservative method of watching from the last century. 4K Dolby Vision / HDR is everywhere on today's platforms - iTunes, AppleTV+, Netflix, Amazon and so on. When you see cable/network TV, it's a complete dinosaur with stale thinking. They will never be the first in today's technology.
It won't be a highly traditional method for long. Over the air TV viewership numbers have been on the rise in America with the Cord Cutter movement and millennials not wanting to spend $250/month for TV when it's still free with a rather inexpensive antenna. With NEXTGEN TV, each TV station may have as many as 8-12 sub-channels at different times and the main channel will always be 1080p minimum with special programs in 4K. Each channel will live switch based on the programming source's quality. Channels like MeTV or Antenna TV or COZI are going to require the best quality versions of classic TV shows or remastered tapes or film as while supported, 480i will not look that good on a 4K or 8K TV. And a lot of local TV news sets will likely have to be rebuilt again as they won't look very good in 4K either.
As for the IP capability, yes, it will be somewhat limited, robust enough to know where you are and which TV commercials you should get for places near you. And the IP would also allow for Pay TV options, which could process a payment, then authorize your TV to watch something aired on one of the channels. Also, the feature set is not exactly complete as ATSC 3.0 is designed to be upgradeable and in the transmission equipment and the home TVs.
And finally according the press release from Sony, the X900H series, in 3 different sizes will all have an ATSC 3.0 tuner for NextGen TV. Unfortunately my TV market is not on the initial list of 60 markets. Right now, my biggest wish would be to use my Airpods with my TV, but my current TV will not.