FrankNitty, thanks for the reply and the help. Just seeing it now. Awesome and appreciated. If I have no luck with what I am about to post, I will start trying what you suggested asap.
With that said, I believe I have figured it out on my own. Hopefully this helps others seeing the blackout video issue.
Changing Color Space from PC RGB to Standard (Recommended) appears to have fixed the issue, even with 4K On.
My TV claims to support this color range, so not sure what the issue is, but ever since I changed that setting, I have not seen the issue once. I tried it about 45 minutes after posting last, and it has been over 2 hours actually.
Initially I just changed back to 4K for my resolution and the same issue literally happened within seconds. The PC RGB stood out to me and I decided let me just try changing it to Standard and lo and behold, that appears to work.
Perhaps there is a reason MS makes a point of putting (Recommended) after Standard for the color space.
So my fingers are crossed this was the root cause of the issue. I do see a slight difference in the colors, but it is not a make or break by any means. I would much rather have 4K support.
If I post again about this, the issue persists. If I do not, considered it solved. Huge relief for sure if this winds up fixing it.