It appears to be dependent upon your hardware I guess.
I set my Shield to rec2020 yuv 10-bit, and my Sony TV's Colorspace to auto, and RGB range to Limited. I can switch back and forth between HDR and SDR content without any manual adjustments.
My Xbox One X's RGB Range needs to be set to "Full", or else the colors for HDR content are washed out if set to limited.
Marantz SR7010/Marantz MM7025
Oppo UDP-203 - Nvidia Shield
XBox One X
Klipsch RP-260f - RP-440C - RP140sa- RP-160m - RB10 - Sony SA-WM500