At this point, maybe call customer support. I'm trying to help as much as I can, but I don't really know as much as others around here do, and I'm kind of busy at the moment. But to answer your last question, "Default for display".
I didn't do anything magical. My iMac is pretty brand new. I've only had it for about 3 weeks, I think. I haven't messed with settings - except for the two Develop settings I referenced above. I only upgraded to BS this morning, so I haven't even explored everything. My first objective was to make sure I could play YouTube and Netflix at the higher rate. Now I've been able to do that.
Again, if you have a new Mac with a T2, and you are subscribed to Netflix UHD, and you updated the two items mentioned above, it should work. If it still isn't working, I'd call customer support. I wish you the best of luck.
Oh, and don't forget to give it time to ramp up. As Andy noted, it took his about 60 secs to get there. That's close to my experience.