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I just downgraded my 4k to the middle SD tier and paid for the additional household with the difference. The picture and audio actually improved. HDR isn’t relevant and the 4K content you need a fully compliant screen and audio system which talks to its components properly. Apple 4k doesn’t talk to various AVR systems.
I’d wager that shows like friends and Seinfeld are constant rotation in many households, so it’s still good value.
I downgraded too as I really only have the subscription for my children and my parents when they have the kids, so two locations was more important than quality.
The Netflix 4k is such a con. Even with a 200+mb connection it’s barely 1080p.