While it’s a start, it’s not all good news.
Testing with a 5600G showed that at least on one occasion I had a green pixel running down the right side of the transcoded video when using hardware transcoding from 4K HDR → 1080p SDR.
HDR → SDR tonemapping still isn’t hardware accelerated, so at least with a 5600G it’s not really possible to tonemap (4K content) in real-time without buffering.