I've had mixed success with apple tv (including newest model) when feeding a 4K TV (no 120 Hz support, decoding chokes on resolutions above 1440p regardless of encoded bitrate). I have a 13700k+3070, so it's not for want of encoding horsepower.
The most common use case of the deck is similar to mine of the link: couch gaming. It might be nice to free up the living room TV and have a max res/max framerate solution on the deck with little power usage. My main concern is latency. I have scanned through all setting permutations and I can't get what feels like a sub 100 ms experience on an apple tv decoder even when the telemetry reports sub 25 ms end-to-end latency. Now that I think about it again maybe it's the TV not being in game mode.