OK - have installed the latest nightly LibreELEC-RPi4.arm-9.80-nightly-20210220-f768c9b downloaded this morning.
Running in 1080p mode (to allow >30fps content to be output) my 2160p50/59.94 files largely play - and HDR10 Rec 2020 stuff is played with a PQ ST.2084 EOTF (aka HDR10 HDR) but the output is 8 bit RGB and it looks as if it is being flagged as Rec 709 gamut (so colours are less vibrant as they are using the narrower primaries).
Content I have that flags 1000, 4000 and 10000 nit mastering displays correctly sends this metadata (as confirmed by my HD Fury Vertex)
I'm playing the content from a Samsung Evo+ 64GB uSD card and I'd say I'm getting some dropped frames on p50 and p59.94 content - though whether this is throttling because of high bitrate on the storage or on the HEVC decode and scale down to 1080p I can't say.
I've yet to see any YCbCr 4:2:2 output at any bit depth - I don't know if there is a config.txt or LibreElec setting (or something I can type in at command line level via SSH) to enable YCbCr 4:2:2 output?
HLG content appears to correctly trigger an HLG EOTF (i.e. ARIB B-67 EOTF) - though AIUI BBC iPlayer 1080p SDR and 720p-2160p HDR streams (iPlayer uses HLG for HDR) may now be DRMed preventing playback on non-certified devices.
I can force my TV into Rec 2020 gamut and that makes things look quite a lot better - though I can't say whether Rec 709 or Rec 2020 YCbCr->RGB matrices are being used (the differences are quite small between the two)
I can also only play a couple of files before playback stops working (I get left in the GUI with a play icon top of frame with the name of the file being played, but no video and have to reboot)