Well, the PSVR receives a 1080p120 signal. The issue is that HDMI 1.4b allegedly does not support 1080p at 120Hz in any fashion beyond sending two 1080p60 signals concurrently for 3D displays, which isn't quite the same thing.
This is very much the same thing, as the signal being sent is nothing more than a data preceded by a header describing that data. The only hard limitation which can't be circumvented is the bandwidth provided by the physical implementation, the rest is just software.
We're a bit beside the point anyway as the bandwidth requirements for HDR metadata is way lower than for 120Hz refresh - in fact they'll probably fit even into a 120Hz 1080p signal being transmitted over HDMI 1.4b.
So there's nothing in recent PS4 update adding HDR to the OG PS4 indicating that OG PS4's output isn't 1.4b or that it can somehow be extended to 2.0a/b with f/w. On the contrary, you'd think that if that'd be possible - Sony would've done this already ages ago if only to provide UI (browsing, streaming, photos, etc.) compatibility with 4K sets at 60Hz. The fact that they didn't mean that they can't.