Yup this works but there's as of yet no HBR13.5 or better input so you're not getting full hdmi 2.1 equivalent. But if you don't care about 24 bits per pixel DSC then you can have an otherwise flawless 4k120hz experience.

https://trychen.com/feature/video-bandwidth

Thanks for this link! I'd heard of the CableMatters dongle but this seems like a better route to go assuming the patches are accepted.

Wow that's awesome work in that post! I've also bought a few things from UGreen now, they're great.