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Sure, I was using it with my LG IPS225V and the Feintech VMS04201 Matrix switch in-between. The VMS04201 has the feature of EDID spoofing, which tells the device that the display has some specific capabilities which might not match with the display. From the manual:
STD: The HDMI source is signaled that the HDMI sinks support 4K60Hz HDR and 5.1 sound. If your output devices do not support such format you may experience no sound or no signal.
For some reason (and later unreproducible) I was able to choose the color profile. Like I said I chose 12 bps and YCbCR 4:2:0 which looked good. Here is a picture from the sky of Euro Truck Simulator 2. I had no issues for that play session:
Maybe just maybe it is an option to actively spoof the EDID and set up an environment where the graphics card resorts to some fall back mode for old displays. I don't know your situation but every hack will be fragile. Any update, to Windows, to your graphics card, might break what you achieved and you are back to square one. Like I said above, I will return any device in the future, which strains my sight. My eyes are only recovering after three days of starring at bad graphics for debugging.