I've just watched Disenchantment S02E01 from netflix at 1080p24 with hyperion active on a RPi4 4GB and didn't notice and screen dropouts or other issues. So not quite sure what might be going wrong on your setup.
A rather common cause for screen blackouts, especially with CPU demanding content like software decoded video or power demanding peripherals like USB HDDs or DVD drives are marginal power supplies - if you're not using the official RPi power supply (I use that here and it's fine) or if you have one or more bus-powered USB HDDs you might look into that.
So far I'm only aware (and can reproduce) 2 major issues with Hyperion (more specifically the dispmanx grabber):
4k playback with the dispmanx grabber / Hyperion active results in no signal on the HDMI output. There's currently no workaround or solution available, reason for that seems to be that the RAM bandwidth is just too high. This is a known issue and it will be fixed eventually (but seems to be a bit low priority - it needs to be fixed in the RPi firmware so not much we can do about it).
The other issue I frequently see here is no HDMI signal at all after a cold boot (on my 4kp60 screen) if Hyperion is active. A simple workaround for that is to start Hyperion after Kodi has started, I'm using a simple systemd drop-in here to do that:
.config/system.d/service.hyperion.service.d/delay.conf
[Unit]
After=kodi.service
[Service]
ExecStartPre=/usr/bin/sleep 10
Not exactly sure what causes the no-signal issue (could be something in the firmware), but with the drop-in workaround everything's been fine here in the last weeks.
so long,
Hias