The two files are 4K@60 8-bit (BT2020_RGB colourspace) and [email protected] 8-bit (default colourspace). There is no mode whitelist for adjust-refresh active and the HDMI panel (which looks like a monitor not a TV) offers only 1080p@60/59.94 so Kodi must resample the media to 1080p@60 for output.
I would repeat the test using only 1080p@60 SDR media as this will eliminate DRM colourspace changes and the impact of resampling 4K media to 1080p.