How to troubleshoot poor streaming quality on a 4k TV connected to a laptop via HDMI 2.1?

I have a Philips 43″ 120Hz 4k TV in HDR monitor mode, connected to a laptop with a 3050ti GPU and a 12900k CPU via a HDMI 2.1 cable. I have a gigabit fibre internet connection and a Netflix premium account. However, when I stream Netflix, Prime or Apple TV+ to my TV, the quality is very low, with bad resolution, artifacting and no HDR. The same streams look fine on my laptop screen. YouTube and other free streams work perfectly fine at 4k on both screens. I have checked the following settings and conditions:

Both the GPU and the TV support HDCP according to Nvidia control panel

The TV is set to RGB full and 12-bit color in the control panel

I have tried turning off HDR on the TV, but it did not help

The problem persists in both the Netflix app and the Edge browser on Windows 11

are the possible causes and solutions for this issue? I have searched online and on this subreddit, but most of the advice is related to the stream itself, which is not my problem. I am willing to downgrade to Windows 10 if that is the source of the issue.