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I can't play 4k HDR content on Netflix when I have my Bluetooth headphones connected. The moment I turn them off it switched back to 4k. I used to be able to watch in 4k before and then I had to install the factory version of the app and it'd work but now it'll simply not play 4k with my Bluetooth headphones connected whether it's the latest update or the factory version. I've also noticed the same thing with movies rented from Google Play Movies.
I've done a factory and still no dice. I'll to try do a factory reset without using the restore from my google account functionality to see if it changes anything
Clearing Netflix App Data and Cache is probably all what you need to do. Look here:
https://community.sony.co.uk/t5/android-tv/no-4k-with-bluetooth-headphones-on-netflix-again/td-p/246...
I cleared the app data and cache and it still didn't work. Tried a factory reset again and it also didn't solve the problem. Honestly, I have no idea why it won't work for my TV while it works for others. The only thing that comes to mind is that my TV is a 2016 model while the others might have a more recent one with different firmware.