Apple today released tvOS 14.7, the seventh update to the tvOS 14 operating system that initially debuted in September 2020. tvOS 14.7 comes two months after the launch of the tvOS 14.6 update.
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tvOS 14.7, which is a free update, can be downloaded over the air through the Settings app on the Apple TV by going to System > Software Update. Apple TV owners who have automatic software updates enabled will be upgraded to tvOS 14.7 automatically.
Apple's tvOS updates are usually minor in scale, focusing on under-the-hood bug fixes, performance updates, and small tweaks rather than major outward-facing changes. No new features were discovered during the tvOS 14.7 beta testing process.
Apple does not provide detailed release notes for its tvOS updates, but it does offer some tvOS details through its tvOS support document.
tvOS 14.7 may be one of the final updates to the tvOS 14 operating system as Apple shifts its attention to tvOS 15, which is set to come out this fall.
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Match Dynamic Range
This feature suggests Apple TV will switch between Dolby Vision, HDR10, and SDR mode.
In reality, this setting relies on the Format setting from Settings | Video and Audio. When you first setup, tvOS guides you to setting the Format with the best mode your TV and HDMI cable support, which would be Dolby Vision, then HDR10, then SDR.
This means that by default, tvOS UI, games, and streaming apps will render everything in this setting, even if those apps only support SDR (which is the majority of the apps). Apps that respect Match Dynamic Range setting indeed switch to SDR as needed, but they are very few in number (e.g., Amazon Prime Video, Disney+, HBO Max, Netflix).
Most videophiles and enthusiasts therefore recommend setting the Format to SDR, but this would mean any apps capable of outputting HDR but does not support Match Dynamic Range setting (e.g., Apple's AirPlay 2, Photos, and Screen Savers, YouTube) will render everything in SDR.
Match Frame Rate
This feature is far less complicated. When you enable it, Apple TV will instruct your TV to switch frame to match the contents, eliminating motion artifacts (e.g., tearing) associated with motion interpolation.
But it is annoying is that while 2021 Apple TV 4K (2nd generation) has HDMI 2.1 port, Apple crippled it without support for HDMI 2.1 features, such as ALLM, QMS, and VRR.
QMS (Quick Media Switching) reduces few seconds of blank screen or no signal screen as the TV switches frame rate. (QMS does not eliminate shorter but observable delay when TV switches the dynamic range.)
My current workaround is not having HDR on at all. Set to 4K SDR and match dynamic range is off. Which sucks, but at least my picture is accurate.