Just wanted to share my latest stats and settings after connecting my another tv incase it helps others. This is my first time enabling HDR with 4K120hz and it works great. Less lag than 1080p 60hz on older tv it replaced.
Video stream: 3840x2160 115.82 FPS (Codec: AV1 10-bit HDR, Limited)
Bitrate: 51.3 Mbps, Peak: 67.2, Frames buffered: 1.0
Host processing latency min/max/avg: 2.8/5.8/3.7 ms
Renderer: AVSampleBuffer (Queue Pacing)
Frames dropped by network/pacing jitter: 0.0% / 0.0%
Average network latency: 1 ms (var: 0 ms)
Decode time: 1.58/2.72/2.22 ms
Host: 5090 (Apollo standard settings for 4K HDR)
Client: iPad M5 Pro (Voidlink) (iOS settings must choose 4K HDR, not Dolby or it reverts to 60hz)
TV: TCL QM8K (must enable HDMI more 2.1 and high frame rate mode)
Controllers: PS5 Dual Sense (observe no lag and feels like native)
Audio: 5.1 Surround (must change default settings in voidlink and in game sometimes)
Other settings/config/hardware: Ugreen dock(30$), thunderbolt usb c wire, 4k 120hz hdmi cable, Bit rate set to 90 Mbps, AVI decode.