Possibly, but I'm not entirely sure. HDMI is complicated, but that Panasonic encoder they used is a mystery. It doesn't do HDCP 2.0 - so no 4K media content. There is no HDCP between the GPU and the encoder, so you can sniff unencrypted video off the DP port all you want. It's even conceivable that you could just replace the encoder outright with a microcontroller emulating the (not that complex) I2C interface, hook up a DisplayPort monitor straight to the GPU, and get output.
It's possible that the APU does HDR over DP but not HDMI, which might explain why they needed the encoder to do HDR over HDMI, but that make you wonder if they were really planning on that all along, and if they'd really spend the money to go for this more convoluted setup just for the sake of HDR.
There is a lot of wild speculation going around, e.g.
this post goes off the rails about encryption and TrustZone in the southbridge, none of which makes any sense, as the southbridge ARM core isn't even running during normal PS4 operation, and the DisplayPort data goes straight from the APU to the HDMI encoder. The HDMI chip is not programmable, and "passing through" HDCP doesn't make any sense, because you can't really format-convert HDCP encrypted content, and that would defeat the entire purpose of having an external encoder chip in the first place. The PS4 only supports HDCP 1.0 and it's implemented in hardware on the Panasonic chip.