I did manage to get the CRT-Beam-Simulator to work eventually. All I needed to do was put Subframe Shader support on in the Settings–>Video–>Synchronization menu.
It’s not something that I’ll be able to use much though since it requires 120Hz+ and my setup maxes out at YCbCr 4:2:2 Limited at 4K 120Hz+ at the moment.
In addition to that I get great hardware BFI/Backlight Strobing at 60Hz using my TV’s built-in feature without any colour restrictions.
Just having HDR doesn’t automatically mean you’ll have enough brightness headroom to run BFI and maintain decent, comfortable, playable brightness.
I barely get enough extra brightness to get by on my 1,000+ nit QM751G but if you use shader presets that don’t use 100% Strength Mask and Scanlines, you should have plenty more headroom with a similar display and a lower spec display might be usable as well.
One thing about hardware BFI at 60Hz that I’ve noticed is that I don’t notice the flickering on the viewport (which has scanlines and other CRT effects) but it’s pretty glaring on the borders and overlays to the point where I won’t be able to use both at the same time. It’s possible that hardware BFI at 120Hz+ refresh rate won’t be as bad and with the CRT-Beam-Simulator it may not be an issue at all if it only affects the viewport.