While you do need a 4K capable TV to get 4K resolutions, not every game on the Xbox One will be upgraded to 4K. In fact, WC has a handy guide for games that support 4K or enhanced visuals.
https://www.windowscentral.com/all-xbox-one-x-enhanced-games
The same is true for HDR as well. The game has to specifically support HDR. Your TV won't automatically do it for you. However, HDR is independent of a TV's resolution. For example, Sony plans to release some 1080p TVs with HDR.
Sony is bringing HDR to its 1080p TVs, and not just PS4 owners will benefit | TechRadar
So yeah, if you really wanted to, you can probably get a 1080p TV that supports HDR. However, look forward not backward. If you're in the market to buy a new TV, go 4K. Prices for a 4K TV (at least in the US) have dropped considerably. And given how long people hold on to their TVs, you're better off future proofing yourself a little by getting a 4K TV (and HDR capable if your budget allows it).