The wiki article was correct at the original time of publishing because RPi4 launched with 2/4/8GB variants. The 1GB model has been added later to offset global RAM price increases and reduce the entry-level price point, but 1GB isn't enough for playback with most 4K media. As you've noticed/deduced, only low-bitrate 8-bit media can work within the CMA limits.
I've updated the wiki to note the limitation on 1GB models .. popcornmix is there any tweaking that can help?