That monitor has two HDMI ports only the second port supports 4K@60hz which is what Xbox requires.
Xbox will output games at 4K 60hz SDR, HDR is not required.
PC monitors are now using the
Vesa Display HDR standard which comes in three levels that can roughly be described as 400 (entry level), 600 (midrange) 1000 (best), there are some supported products on that link.
A lot of the existing PC HDR monitors are not Vesa HDR certified and most would only be close to 400 class.
This LG is one of the more popular monitors available if you want 4K and HDR.
If you want better HDR and are willing to sacrifice some resolution 1440p monitors like the Dell S2719DC and Samsung CHG70 are Vesa HDR 600 class. 4K is 2160p and Xbox downscales it's 4K output to 1440p.