Console Gamer
Bandwidth for console gamers: HDMI 2.1 vs DisplayPort for PS5 and Xbox
Buy a certified Ultra High Speed HDMI cable for your PS5 or Xbox. Without HDMI 2.1 on both the console and the TV, you're locked out of 4K 120Hz, VRR, and the lowest input lag modes.
Console gamers on PS5 and Xbox Series X need HDMI 2.1 to hit 4K 120Hz, the signature mode both consoles advertise. That mode needs about 40 Gbps of bandwidth, right at HDMI 2.1's 48 Gbps ceiling. DisplayPort isn't an option on consoles, so HDMI 2.1 is the only path.
Why this matters for you
The PS5 and Xbox Series X both output HDMI 2.1 with FRL signaling. A certified Ultra High Speed HDMI cable is required, not just any HDMI cable. 4K 60Hz works fine on HDMI 2.0, but 120Hz modes, VRR (Variable Refresh Rate), and ALLM (Auto Low Latency Mode) all need HDMI 2.1. If your TV only has HDMI 2.0 ports, you're capped at 4K 60Hz regardless of the console's capability.
Verdict
Buy a certified Ultra High Speed HDMI cable for your PS5 or Xbox. Without HDMI 2.1 on both the console and the TV, you're locked out of 4K 120Hz, VRR, and the lowest input lag modes.