There's a bit of misinformation here. At the end of the day, a blu-ray player is reading information from the disc and passing it onto the TV digitally - one player or another are going to do that identically. One can't have 'better color' or anything like that.

HOWEVER, there is an exception: Feature support. For example, not all blu-ray players support 4K blu rays. Not all players support Dolby Vision.

If you try to play a 4K blu ray disc in a non-4K blu ray player, it won't function at all (won't read). If you try to play a disc using Dolby Vision in a player that doesn't support it, it will fall back to HDR10.

But assuming 2 players both support the features a disc uses, the end output will be identical.

There's also upscaling, which some players can do differently.