For more clarity, I use this cable https://www.costco.ca/wirelogic-48gb-8ft-hdmi-two-pack.product.100795038.html connected straight to tv. Menu setting is on SDR 4:4:4. Match content and refresh rate is both ON. Music on Auto, did not do the color settings, connected through ethernet cable both tv and the apple tv.
I was watching Vampire Diaries primevideo app on the appletv vs the webOS app. Appletv was way darker and it seemed like it was lacking color, somewhat washed out, the webOS was more clear and no black crash. Then I compared Doctor strange 2 on Disney on both appletv 4k and webOS. Around 3:02, you could see Doctor strange's sweat droplets and reflections very well on the webOS, the appletv4k was missing that detail.
On netflix native app on day 1 I noticed a discrepancy in sharpness of detail but I ignored it because I invested the money, and I thought maybe it's just netflix, until I went to primevideo and saw that black crash on vampire diaries and decided to compare to native app, the difference is too noticeable.
In regard to the sound, back in the day I passed through all my content through the receiver, and on netflix it would tell me Dolby Digital Plus on the receiver. After I got a new TV, I didn't pass through anymore because the receiver is only 1080p, so I use it over the ARC so it was downgraded to Dolby Digital only. I'm not sure why, maybe my receiver can't accept that signal through the tv over the ARC. Now I'm suspecting that perhaps the Apple Tv 4k somehow passes it through the ARC why the sound sounds so bassy, it only shows as Dolby Digital 5.1 on the sound settings. Over the webOS the voices sound more mono and when something crashes for example sounds also more muted compared to when it's through apple tv, basically the subwoofer is not as strong if something blows up, once again on Doctor Strange 2 at the beginning when that creature keeps crashing into the brick you can feel the treble more.