This is very complicated to just give an answer, because:
It varies greatly based on the content. Animated compresses vastly differently than an action movie.
Varies greatly based on encoder. NEVC vs CPU etc
Varies greatly based on encoder options. I.e. -b:v -minrate -maxrate vs -rc vbr -qmin -qmaxcq values, etc
Varies greatly based on who is watching, the TV they use and their tolerance and experience.
Savings are greater at 4k than 1080p. But once you start adding HDR into the mix, you’re in a whole new world.
Even the people with very discerning eyes can’t agree on everything related to this topic. Wish I could just tell you do x… but you’ll have to test various methods and determine what you are happy with.
or, if you just want some space savings… use some default setting that cuts it in 1/2 and forget about it.
Censorship and Memory-holing