I have the exact same setup with a Sony 120hz 4k Tv (X85J series). I have been running 4k at 120hz with YCbCr420 and vrr across a 4k 120hz hdmi cable on a 5700 graphics card without issue. However since the 22.3.1/2 software release it will no longer let me do the same setup at 120hz, limiting me to 60hz… so I keep rolling the driver back to 22.2.3 which still works correctly.
I have not seen this noted in the known issues section of the drivers… is AMD aware of the issue?