Here are my tests on a 2017 3.5 GHz Core i5-7600 4-core 4-thread iMac.
As mentioned Chrome is not using hardware acceleration (yet), even in YouTube.
For that Costa Rica 4K video, Chrome is giving me 4K with HDR, but it's causing the colours to get all blown out, and stressing my poor quad-core all to hell. It stutters and pauses and it's buggy. Also, when I turned on my SDR 2010 iMac to use as a second monitor and tried to move the playing video to that second iMac, suddenly my colour balance and brightness on the 2017 iMac went all haywire as if somebody turned up the brightness to 110%. I couldn't fix it either until I rebooted.
However, even if we disregard the bugginess, on this machine it's basically unusable because of the horrible performance without VP9 decode acceleration. As you can see here, my iMac is barely hanging on in Chrome:
IIRC, overall system usage is about 70-95%, with stuttering of the video. It's basically unwatchable.
In contrast, with Safari, I'm not getting HDR. However, I am getting 4K SDR with pleasingly low CPU usage. Here is the same video in Safari:
Overall system usage is about 15-20%, and playback is smooth as butter. The only problem I had occasionally was due the playback outrunning the video stream. I have Gigabit internet service, but it seems the streaming speed to that video isn't always the greatest during weekday evenings.
But like I said earlier, even if it takes them a while to implement VP9 HDR in Safari, I'll take it. 4K SDR looks pretty damn pretty already, and I am so happy to get it in Safari now. Hopefully they'll implement VP9 HDR at a later date.
P.S. Just for the sake of historic irony, I pulled the original Apple 80 GB hard drive out of the original Intel Mac Pro from 14 years ago, and did my Big Sur install on it. Ironic because this machine was the first pro machine that ushered in the transition to Intel, and Big Sur is the first OS that will usher in the transition away from Intel to Arm. But that drive's age really shows. Not only is it a hard drive, it's a slow one too. It's really, really, really painful running Big Sur off such a slow hard drive.