If you set the default Apple TV output to 4K HDR (or DV), then you are forcing a different color space for SDR content. This is regardless of your Match Content setting.
You can see for yourself, by checking your LG Settings with non-HDR content and using your (recommended?) 4K HDR Apple TV setting. Your LG will show "HDR Select Mode" which is because it's applying HDR tone/color mapping, even though your source content (should be) SDR from the Apple TV. Native SDR content on the Apple TV should show as "Select Mode, ISF Expert" or similar, when the Apple TV is not re-mapping SDR.