FWIW: I tried it. No new bugs so far.
On SX frame rate *target* and graphical priotity are separate: you can prioritize visuals or performance at 30 or 60. And yes DOLBY HDR works properly.
I'm sure digital foundry will profile the tradeoffs soon enough but one thing is clear: prioritizing performance is sharper at the expense of draw distance. I have two big concrete structures encompassing Sanctuary and Red Rocket. Prioritizing performance at 60fps (as without the new patch) only the walls are visible from the ramparts. Prioritizing visuals, the image is slightly softer and slightly more vibrant, and the draw distance shows the added structures inside the opposite fort. From Red Rocket you can see about a third of the Abernathy Fort and internal structures.
30 fps is clearly softer with muted colors. Unless deep Boston glitches I'll stick with 60fps performance for now.
I'll have to move the XBOX to the VRR display to see how 40fps looks.
For me the big gain is getting into the Charleston Condo. I normally use it as my Power Armor depot and water farm repository. So far I hope they leave well enough alone; if they keep trying to "improve it" they might break it for good.