Looking at the EDID dump shows that 60hz modes are 420. I also confirmed this w/ the manufacturer (Visio) who unsurprisingly suggested I buy a new TV. The max pixel clock of 300mhz doesn't seem to allow 60hz 422.
On the topic of colorspace the Pi does playback HEVC HDR Rec2020 but the colors are very muted and the black level / gamut is wrong. There is significant frame dropping on high bitrate (~120mbps) files.
Vizio m50 c1 edid
LibreELECpi:~ # edidparser edid.dat
Enabling fuzzy format match...
Parsing edid.dat...
HDMI:EDID version 1.3, 1 extensions, screen size 110x62 cm
HDMI:EDID features - videodef 0x80 !standby !suspend active off; colour encoding:RGB444|YCbCr422; sRGB is not default colourspace; preferred format is native; does not support GTF
HDMI:EDID found monitor name descriptor tag 0xfc
HDMI:EDID monitor name is M50-C1
HDMI:EDID found monitor range descriptor tag 0xfd
HDMI:EDID monitor range offsets: V min=0, V max=0, H min=0, H max=0
HDMI:EDID monitor range: vertical is 25-76 Hz, horizontal is 15-140 kHz, max pixel clock is 300 MHz
HDMI:EDID monitor range does not support GTF
HDMI:EDID found preferred CEA detail timing format: 3840x2160p @ 30 Hz (95)
HDMI:EDID found CEA detail timing format: 1920x1080p @ 60 Hz (16)
HDMI:EDID established timing I/II bytes are 20 00 00
HDMI:EDID found DMT format: code 4, 640x480p @ 60 Hz in established timing I/II
HDMI:EDID standard timings block x 8: 0xD1C0 D1FC 0101 0101 0101 0101 0101 0101
HDMI:EDID found DMT format: code 82, 1920x1080p @ 60 Hz (16:9) in standard timing 0
HDMI:EDID unknown standard timing 1920x1080 @ 120 Hz aspect ratio (16:9)
HDMI:EDID parsing v3 CEA extension 0
HDMI:EDID monitor support - underscan IT formats:no, basic audio:yes, yuv444:yes, yuv422:yes, #native DTD:1
HDMI:EDID found CEA detail timing format: 1920x1080p @ 60 Hz (16)
HDMI:EDID found CEA detail timing format: 1280x720p @ 60 Hz (4)
HDMI:EDID found CEA format: code 2, 720x480p @ 60Hz
HDMI:EDID found CEA format: code 3, 720x480p @ 60Hz
HDMI:EDID found CEA format: code 5, 1920x1080i @ 60Hz
HDMI:EDID found CEA format: code 16, 1920x1080p @ 60Hz (native)
HDMI:EDID found CEA format: code 4, 1280x720p @ 60Hz
HDMI:EDID found CEA format: code 32, 1920x1080p @ 24Hz
HDMI:EDID found CEA format: code 63, 1920x1080p @ 120Hz
HDMI:EDID found CEA format: code 93, 3840x2160p @ 24Hz
HDMI:EDID found CEA format: code 95, 3840x2160p @ 30Hz
HDMI:EDID found CEA format: code 100, 4096x2160p @ 30Hz
HDMI:EDID found audio format 2 channels PCM, sample rate: 32|44|48 kHz, sample size: 16|20|24 bits
HDMI:EDID found audio format 6 channels AC3, sample rate: 32|44|48 kHz, bitrate: 640 kbps
HDMI:EDID found HDMI VSDB length 13
HDMI:EDID HDMI VSDB has physical address 5.0.0.0
HDMI:EDID HDMI VSDB supports AI:no, dual link DVI:no
HDMI:EDID HDMI VSDB deep colour support - 48-bit:no 36-bit:yes 30-bit:yes DC_yuv444:yes
HDMI:EDID HDMI VSDB max TMDS clock 300 MHz
HDMI:EDID HDMI VSDB does not support content type
HDMI:EDID HDMI VSDB supports extended resolutions 1,3,4
HDMI:EDID extended data block tag YCbCr420VideoData - length 3
HDMI:EDID Disabling mode 97 as YUV420 only
HDMI:EDID Disabling mode 102 as YUV420 only
HDMI:EDID adding mandatory support for CEA (1) 640x480p @ 60Hz
HDMI:EDID filtering formats with pixel clock unlimited MHz or h. blanking unlimited
HDMI:EDID best score mode initialised to CEA (1) 640x480p @ 60 Hz with pixel clock 25 MHz (score 0)
HDMI:EDID best score mode is now CEA (1) 640x480p @ 60 Hz with pixel clock 25 MHz (score 61864)
HDMI:EDID best score mode is now CEA (2) 720x480p @ 60 Hz with pixel clock 27 MHz (score 66472)
HDMI:EDID CEA mode (3) 720x480p @ 60 Hz with pixel clock 27 MHz has a score of 66472
HDMI:EDID best score mode is now CEA (4) 1280x720p @ 60 Hz with pixel clock 74 MHz (score 3635592)
HDMI:EDID DMT mode (4) 640x480p @ 60 Hz with pixel clock 25 MHz has a score of 18432
HDMI:EDID CEA mode (5) 1920x1080i @ 60 Hz with pixel clock 74 MHz has a score of 149416
HDMI:EDID best score mode is now CEA (16) 1920x1080p @ 60 Hz with pixel clock 148 MHz (score 4898248)
HDMI:EDID CEA mode (32) 1920x1080p @ 24 Hz with pixel clock 74 MHz has a score of 124532
HDMI:EDID CEA mode (63) 1920x1080p @ 120 Hz with pixel clock 297 MHz has a score of 149416
HDMI:EDID DMT mode (82) 1920x1080p @ 60 Hz with pixel clock 148 MHz has a score of 149416
HDMI:EDID CEA mode (93) 3840x2160p @ 24 Hz with pixel clock 297 MHz has a score of 423130
HDMI:EDID best score mode is now CEA (95) 3840x2160p @ 30 Hz with pixel clock 297 MHz (score 5771496)
HDMI:EDID CEA mode (100) 4096x2160p @ 30 Hz with pixel clock 297 MHz has a score of 273831
HDMI0:EDID preferred mode remained as CEA (95) 3840x2160p @ 30 Hz with pixel clock 297 MHz
HDMI:EDID has HDMI support and audio support
edidparser exited with code 0
LibreELECpi:~ #