I've just noticed something weird. Running at 4K, I can run HDR in the main game and in Crucible no problem. But while trying some configs with my TV and the console, I set it up at 1080p. Sandbox and everything looked fine, but going to Crucible out the game in SDR.
Only clue I got is the FPS counter on my LG C1. At 4K, it is always showing 120fps (maybe the renderer outputs double frames?), So jumping from any location to Crucible is very smooth.
At 1080p, fps counter is 60 anywhere but Crucible (with 120hz mode enabled). Framerate changes and game goes to sdr. If I disable Crucible 120hz, HDR keeps working.
I believe it might have to do with the framerate change. Haven't seen this reported anywhere. My TV is an LG C1.
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Ensure tv is compatible with that feature also make sure your tv is set to the correct hdmi settings