Blade Runner 2049 4K Blu-ray Analysis: Should We Call It "Fake HDR"? [SPOILERS]

We analysed the 4K Blu-ray disc of Blade Runner 2049 using the HDR analysis tool on a Canon DP-V3120 reference broadcast monitor, and concluded that almost the entire show is below 200 nits in peak brightness.
We also used two LG 48-inch CX OLED TVs to demonstrate that the 4K HDR Blu-ray presentation looked visually similar to the 1080p SDR presentation (once the display was calibrated to a peak white of 203 nits in alignment with ITU BT.2408's diffuse white value), yet the HDR display would consume more power, and have less calibration wiggle room... just to produce a similar picture to SDR.
Warning: This video contains spoilers for Blade Runner 2049.
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