Mini PC Build - 4K @120Hz without a GPU

[Omga4000]

Hi everyone,

I'm looking to build a Mini PC that will be used mainly as an HTPC in my living room, connecting to an OLED 4K TV.

Requirements:

1. Support for 10-bit 4K @120Hz (no DSC) + HDR without a GPU
   1. No DSC - so DisplayPort 1.4 is of no use, unfortunately..
2. Fairly small form factor
3. WiFi & BT built-in
4. Possibility to add a GPU at a later time (might turn this into a small gaming PC for casual co-op games)
   1. This means that I'll get a CPU that is definitely an overkill, but I want to avoid bottlenecks when I add a GPU later
5. High efficiency PSU (will be running 24/7)
   1. Have checked the data in cybenetics - choice is based mostly on their results in combination of the cost
      1. PCIE 5.0 support
      2. 850W-1,000W (no need for any higher than that, unless the price is really worth it due to a sale)
      3. Platinum / Titanium efficiency as confirmed by cybenetics
      4. A+ and above noise level
6. Budget: ~$1,000

Intel option:

https://pcpartpicker.com/list/HChJvj

Could not find ANY HDMI 2.1 motherboards that support 4k @120Hz natively.
This motherboard has Thunderbolt 4 - could not figure out if I can get 4K @120Hz without DSC + HDR.
If I can, this is an option. Otherwise, it's not.

AMD option:

https://pcpartpicker.com/list/Gg9Q89

This has HDMI 2.1 which supports 4K @120Hz, but it does not mention if it's FRL5 (40G) or FRL6 (48G).
I think only FRL6 provides me with what I need, though I am not certain.

Thoughts? Ideas for improvements?