You can have a small read/write volume where update bins are placed. Upon reboot, a pre-boot environment checks the bin's cryptographic signature, and if it passses it then extracts the bin, overwriting the the read only filesystem and a second reboot occurs allowing normal boot into the updated OS where the file system is again read only.
This is how e.g. the Playstation works. Amongst several vehicle manufacturer's infotainment units. Even Windows uses a pre-boot environment to write certain "hard lock" files and registry areas. This is not wild "pie in the sky" thinking, this is an industry norm or was.
Why does a smart TV that's meant primarily for streaming content directly from the internet need a R/W file system? Settings? Couldn't that be stored in a micro-volume without execute flag and SELinux limits?