I don’t think it is merely 8-bit color. Test results with the display showed 102% coverage of the DSI P3 color gamut, which indicates it is at least a little better than 8-bit (16.7 million colors). It might not be true 10-bit (1 billion colors) though. Apple is suspiciously short of calling it 10-bit. When Apple talks about HDR video they say the cameras can record even Dolby Vision HDR and that the iPhone 13 Pro Max can view it. But they never specifically say the display is actually 10-bit color depth. You can of course view Dolby Vision HDR on an 8-bit display, but it won’t look as good as when viewed on a 10-bit display. There might be a good reason why Apple carefully avoids using “10-bit” in their descriptions of the display. They call the display a Super Retina XDR display, which appears to be vague Apple-speak for an OLED display with “extended” dynamic range. What exactly does “XDR” really mean? Who knows. I do know that DCI P3 has 26% more color space than sRGB, and sRGB is 8-bit whereas DCI P3 can be up to 10-bit on a 10-bit display. It appears that a lot of the reviewers on the internet seem to think the iPhone 13 Pro Max has a 10-bit screen, but none I’ve read give any proof. Apple’s specs on their website simply don’t mention color depth. So again, why is Apple so careful in how they describe the display?
Having said all that, I do believe the iPhone 13 Pro Max display is capable of more colors than 8-bit displays. It simply looks much better than 8-bit displays and definitely has a much brighter screen than they have as well, which is the other part of HDR. It definitely looks better than my Sony Bravia XBR-49X800H TV which is definitely a 10-bit display. However, that might be due more to the greater brightness and contrast capabilities more than color depth. So who knows, maybe it is 10-bit. At the very least it likely has an extended color depth beyond sRGB and 8-bit displays, but no clue whether it has as much color depth as a 10-bit display has.