HDR works fine on RPi4/5 in LE11/12 and has done for ages. Put Kodi in debug mode, reboot, then run "pastekodi" from the console and share the URL so we can see what display capabilities are advertised in the TV's EDID data.
The Kodi log isn't from an LE12 nightly image so it won't contain the EDID info that I'm looking for which is easier to read and more explicit about HDR support than tvseervice output. However, the Kodi log only shows Pulseaudio BT audio (no HDMI outputs) which is already a strong hint that EDID data is not being passed correctly on the HDMI cable. I also think "dtoverlay=vc4-kms-v3d,cma-512" is wrong as this should not be needed (it's not set by default in our RPi images). It's probably forcing HDMI output in some way, but it should not need to be forced in the first place.
9/10 problems with HDMI on RPi4/5 boards are related to bad cables (or use of Argon cases with shitty connectors) so the first thing I'd try is a different cable.
Nightly build : kernel panic on first boot.
Please ensure you're testing a clean install. No panics are seen here (using my own image not official, but contains the same code).
There is miscommunication between RPi4 and TV. So please double-check whether your HDMI cable is conform to HDMI 2.0 or 2.1 standard:
2024-01-31 20:55:33.814 T:878 error <general>: [display-info] Error parsing EDID:
2024-01-31 20:55:33.814 T:878 error <general>: [display-info] ----------------------------------------------
2024-01-31 20:55:33.814 T:878 error <general>: [display-info] Block 1, CTA-861 Extension Block:
2024-01-31 20:55:33.814 T:878 error <general>: [display-info] Video Capability Data Block: IT video formats are always underscanned, but bit 7 of Byte 3 of the CTA-861 Extension header is set to overscanned.
2024-01-31 20:55:33.814 T:878 error <general>: [display-info]
2024-01-31 20:55:33.814 T:878 error <general>: [display-info] ----------------------------------------------You have network timeouts. Please try to play the same video from USB stick:
2024-01-31 20:58:03.716 T:885 debug <general>: ActiveAE::SyncStream - average error of 35.362936, start adjusting
2024-01-31 20:58:03.716 T:885 debug <general>: ActiveAE::SyncStream - average error 0.362936 below threshold of 30.000000
2024-01-31 20:58:03.719 T:878 debug <general>: CDRMUtils::DrmFbDestroyCallback - removing framebuffer: 342
2024-01-31 20:58:03.732 T:878 debug <general>: CDRMUtils::DrmFbDestroyCallback - removing framebuffer: 343
2024-01-31 20:58:08.774 T:1068 warning <general>: OutputPicture - timeout waiting for buffer
2024-01-31 20:58:16.440 T:1069 info <general>: Skipped 144 duplicate messages..
