HDMI and Display Port versions:

In general, lower refresh rates the same, higher + variable fresh rates:
dp 1.4     > hdmi 2.0
hdmi 2.1 > dp 1.4
dp 2.1     > hdmi 2.1
 

Capabilities depends on graphics card, monitor, cable

Good read, overview of current hdmi + display port versions
source https://www.tomshardware.com/features/displayport-vs-hdmi-better-for-gaming

nvidia RTX 3000/4000 and amd RX 6000/7000: hdmi 2.1
nvidia RTX 3000/4000 and amd RX 6000: dp 1.4
amd RX 7000: dp 2.1
usbc 4, thunderbolt: dp 1.2 to 2.1
source https://www.cablematters.com/Blog/HDMI/displayport-vs-hdmi

               HDMI    HDMI    HDMI     DP      DP      DP      DP 
  	       1.4     2.0     2.1     1.2     1.3     1.4     2.0
1080p @ 120Hz 	✅ 	✅ 	✅ 	✅ 	✅ 	✅ 	✅
1440p @ 30Hz 	✅ 	✅ 	✅ 	✅ 	✅ 	✅ 	✅
1440p @ 60Hz 	✅ 	✅ 	✅ 	✅ 	✅ 	✅ 	✅
1440p @ 120Hz 	❌ 	✅ 	✅ 	✅ 	✅ 	✅ 	✅
4k @ 30Hz 	✅ 	✅ 	✅ 	✅ 	✅ 	✅ 	✅
4k @ 60Hz 	❌ 	✅ 	✅ 	✅ 	✅ 	✅ 	✅
4k @ 120Hz 	❌ 	❌ 	✅ 	❌ 	✅ 	✅ 	✅
8k @ 30Hz 	❌ 	❌ 	✅ 	❌ 	✅ 	✅ 	✅
8k @ 60Hz 	❌ 	❌ 	✅ 	❌ 	❌ 	✅ 	✅
8k @ 120Hz 	❌ 	❌ 	✅ 	❌ 	❌ 	❌ 	✅
HDR 	        ❌ 	✅ 	✅ 	❌ 	❌ 	✅ 	✅

source https://www.cablematters.com/Blog/HDMI/displayport-vs-hdmi

-End of Document-
Thanks for reading