Discovered a curious and mostly useless little quirk with this player: when it's set to 1080p with HDR on it will deliver a downscaled 1080p image complete with HDR. If I set the Panny to 1080p then it converts HDR to SDR as a matter of course.
I doubt there are many HDCP 2.2 enabled 1080p HDR sets out there, but you never know!