wyup refresh rate switching is essential if you want (micro-)stutter-free, smooth video playback. Cinema stuff/Blu-Rays are usually at 23.97/24 Hz, TV broadcasts at 50 or 59.94 Hz, PC videos often at 60Hz - if your video output mode doesn't match the video's framerate it'll look juddery.
Regarding DV: UHD Blu-Rays have a mandatory HDR10 base layer, so DV on these disc is an additional layer on top and RPi4/5 will output the HDR10 layer just fine - tested that here with 4k (DV) Blu-Ray rips I did on my own with makemkv.
Streaming services with "pure DV content" (without the HDR10 base layer) is another thing, and RPi4/5 certainly wouldn't have the grunt to process that - direct-to-plane rendering works fine for 4kp60 but GL/EGL rendering doesn't - it's too slow, even without shaders having to do tonemapping (RPi's graphics "chip" isn't anywhere near an Nvidia RTX).
so long,
Hias