No, but it’s the only reason for HDMI (along with AV receivers) because it’s all the manufacturers support, so all of us home theater nerds that do care about this stuff have no real* choice but to keep up with the HDMI world. Yes, you can set up a media server that streams 4K video, but you’re not going to find a DisplayPort 4K UHD player, or a 7.2 AVR that plugs into your 77” OLED and supports all of your game consoles. HDMI is just the unfortunate reality there.

That said, the tech that actually takes advantage of the new cable specs tends to lag behind significantly, and new gaming consoles that support HDMI 2.2 likely will in a limited (ultimately disappointing) capacity for years, just like previous versions.

(Also the top comment in this thread doesn’t really seem to reflect modern reality for most people I know. Most people are using their TV to stream at 1080p - 4K, not watching broadcast TV - in which case, yeah, get a $60 720p LCD or whatever, HDMI specs won’t matter to that kind of viewer. Still, subscription streaming quality definitely doesn’t take full advantage of your expensive shiny new TV the way physical media - or a media server - might, but that’s another conversation).