Even DisplayPort 1.4's HBR3 link rate (with two lanes link width) is not sufficient for all HDMI 2.0 4K 60Hz modes.
HDMI 2.0 (594 MHz) 4K 60Hz 8bpc RGB requires the addition of DSC. Some HDMI displays can accept CVT-RB timing (533 MHz) to do this without DSC but M1 Macs don't have a method to create custom timings. DSC might not work in Big Sur and M1 Macs don't support Catalina.
HDMI 2.0 4K 60Hz 10bpc 4:2:2 and 4:2:0 will work without DSC. HDR requires 10bpc. Some adapters don't support HDR. macOS doesn't have a method to select pixel format so you have to hope it does the right thing. M1 Macs don't have a method to determine the current output pixel format.
The Apple USB-C Digital AV Multiport Adapter is an example of a USB-C hub that supports HDMI 2.0b, HDR, HBR3, DSC, USB 3.0, and Power Delivery but it only has one USB port. Tested on Intel Mac mini with W5700 in Big Sur:
- works 4K60 10bpc 4:2:0 HDR (2 lanes HBR3, no DSC)
- works 4K60 10bpc 4:2:0 not HDR (2 lanes HBR3, no DSC)
- won't enable DSC for 8bpc RGB/4:4:4 so it fails the chroma subsampling test (only greyscale text is clear - coloured text on coloured background is bad at 4:2:0 - I'm not sure why it won't at least do 4:2:2 to reduce the chroma subsampling problem)
- can do 8bpc RGB/4:4:4 at 533MHz
The CalDigit SOHO supports all the same but has two USB 3.1 gen 2 ports and a DisplayPort output.
Tested on Intel Mac mini with W5700 in Big Sur:
- macOS doesn't enable the HDR option for the HDMI output.