If so, I propose that LibreELEC constantly monitors display status and forces Kodi to go into "low power mode" when it detects that the display has been off for XX minutes (perhaps 5 minutes). Also I propose that LibreELEC forces Kodi to wake from "hibernation mode" and/or "low power mode" instantly when it detects that the display has been turned back on.
This is already implemented via HDMI CEC. If I turn TV off, Kodi detects this via CEC and sends suspend signal to system immediately (no delay). Wakeup is much more complex, since it depends on SoC and its drivers. Whole procedure once worked on Allwinner SoCs (except R40), but wakeup via CEC is currently broken for some reason...
In other words, sleep part is already implemented, but you don't want it if wakeup part isn't implemented and here is the issue - only some platforms implements that.
Pi4 AFAIK doesn't have power management implemented in kernel.