Overscan/underscan still has a meaning even in the HDMI age, as do different black/white level limits, that all originate from the CRT era and its need to account for mis-aligned beams [1]. You may notice it when you plug in a PC into a TV's HDMI and don't see the title or task bar, or blacks look weirdly "off". If you ever encounter that, enable a setting commonly known as "game mode", and also check for color profiles as some TVs don't tie color space / temperature to game vs TV mode.
Bonus points: add SDI or scalers to the mix, now that's real fun to troubleshoot. More bonus points: try to troubleshoot this with just a Blackmagic VideoAssist... awesome things in general but it's completely beyond me why they don't have an ability to show basic information about the incoming signal. JFC.
[1] https://en.wikipedia.org/wiki/Safe_area_(television)