Right, 420Gb/s is the worst-case number. If you can track the fovea accurately, at 100 Hz you need to keep at least a 9 degree circle at full resolution -- more likely an 18 degree circle -- and even so, there's no mechanical system likely that's going to keep up with that motion, so you need a display screen at full resolution across the entire surface, even if you're only painting full resolution across a small sector each frame.
Also also note: there's head motion to track and events to respond to. If you're playing a movie, that's pretty much your best case because you only have to pan and tilt a stream of things you already know about. Playing a game is medium bad, because you can predict the range of possible events. Doing AR mediation is worst, because you can't predict the rest of the universe.