I have a LG OLED C1, also a 7900XTX and I am also using KDE Plasma on Wayland.
I have no issues currently, everything is working fine. I am not using HDR tho.
I am using a DisplayPort to HDMI adapter to get full 4k120 RGB / 4:4:4 without subsampling. It is a DisplayPort 1.4 adapter so display stream compression is active of course. But it works fine and Freesync / VRR works too.
Turned on the TV → enabled it in the Plasma display settings → turned on HDR in the Plasma display setting → the TV detect HDR content and automatically switched to a HDR mode and it reports the input signal as 4k120 RGB 10b HDR10.
The newer one looks like it’s meant for macOS / Mac Books and the normal version included has a lower version number than the one from 2023 (for some reason)