So I said my information may be outdated, as you quoted Sony Projector only accept 4:2:0 when it was receiving 4096*2160 50P/60P @ 8bit = 8.91 Gbps only
Given that all the various shiny-disc and broadcast video formats use 4:2:0 natively, one might assume that players would just send the video to the display in that format. But as it turns out, video players are basically required to at minimum convert the video to 4:2:2 in order to send it to the display, because there are standards for storing 4:2:0, but no standards for sending it to a display. While only 4:2:2 is required, many players now also offer the ability to go further and convert the video to 4:4:4, or even RGB.
There’s no specific reason that a display or a player would be the optimal place to do these conversion steps. In theory doing the conversion in the display minimizes the amount of data that has to flow across the HDMI link, but in practice HDMI is more than adequate to handle any format all the way up to 4:4:4 or RGB.
off topic....this is only regard to Sony projector
Sony SXRD Degradation Thread - Effects All Current Sony SXRD 1080p/4K Panels
Panasonic DP-UB9000EBK, Shield TV Pro 2019, Apple TV 4K, Acurus Muse 16, PSI Audio A21-M x 5, A17-M x 2, Yamaha HS5 x 2, Arendal 1723 2S x 2, Procella P15A x 2, Epson EH-12000B, Grandview Screen