
You do not need a matrix for a single TV. A proper HDMI 2.1 switch that supports full bandwidth will pass 4K 120 with HDR and keep VRR and ALLM working with a PS5 and a gaming PC.
I'd pick UGREEN 8K@60Hz since it handles 4K 120 and VRR cleanly. Use certified Ultra High Speed HDMI cables and set the TV input to enhanced so the handshake is reliable.
Agreed. You do not need a matrix for one TV and that switch fits because it passes the full gaming feature set and keeps the console and PC talking cleanly to the display. I run a similar combo at home and it has been seamless once I used good quality cables and set the TV input to enhanced. You keep high frame rate, dynamic refresh, and low latency without dropouts or weird handshakes.