This issue is mostly solved for me.
HDR on, 4K @ 120fps works fine now.
The monitor is actually capable of 144fps, and at 144fps, this issue is still there.
To get 144fps, I have to enter the monitors menu, and switch HDMI mode to 144fps. This gives the hint that 144fps is a special mode of HDMI that still needs fixing.
In windows, this works flawlessly.
TL;DR Mayor progress, but still does not support waking up the monitor in all its HDMI modes.