[wesk05]

So the question is 4K HDR Netflix, what happens to the colorspace. Does the Shield switch to RGB 8bit output when Netflix starts streaming as well ?

4K HDR Netflix will always be 10-bit Rec.2020 on the Shield. If Shield's output is not 10-bit, you won't even see the HDR tag in Netflix.

BTW: I've been testing Android Marshmallow 6.0.1 on two different AMLogic S905 DRM HD/4K Netflix capable platforms. And I have one of those problematic 4K TV's with HDMI2.0 but no HDCP 2.2. On one of the devices where I have root access, there is a simple (legal) workaround to disable HDCP2.2 checking (defaults to HDCP 1.x) so you at least still get HD Netflix, but with PCM 2.0 Netflix Audio only. Its better than nothing.
This solution may help nVIDIA Shield affected owners as well if anyone is interested.

On the Shield, there isn't any problem getting HD Netflix if HDCP 2.2 check fails. BTW, on this 3.3 update, they have enabled HDCP for all output (including Kodi).