I found (and its quite some time) how to enforce 4k 4:4:4/RGB & HDR & 120hz via usb-c dp->hdmi on my mbp m1 max after the breaking sonoma update. (LG C2)
It works in sonoma 14.1+ and I just upgraded to sequoia and it STILL works.
I never really figured out what I have to do, so I just fiddle with settings back and forth until I get 4:4:4/RGB 4L10/4L12 10b/12b on my c2.
You have to do this every macos update, but via the usage of better display and config protection, it will stay fixed until next update.
So what to do:
1) Use custom EDID, modified by the tutorial on first page. (I do this, it may no be required for you + I created my own for my C2)
2) Disable all config protections in better display.
3) Turn on HDR on some lower resolution and refresh rate. 1920x1080 100hz hdr works for me.
4) Enable HDR config protection
5) Disable HDR in macos control panel
6) Boom, your tv now should be in 10b/12b 4L10/4L12 // 444/RGB
7) Set your max refresh rate & resolution + enable all config protections - or at least refresh rate, resolution and hdr status.
I'm confident that this method will work on more panels than just LG C2.
PS: Sometimes, it does not really work, and you have to cycle trough resolutions and fiddle with HDR button. But eventually, it will set itself to 444/RGB HDR. Maybe the workaround procedure is not correct, but try to fiddle especially with changing resolution and HDR status in macos control panel while having HDR protection enabled in better display.