Sony has brought PlayStation 5 (PS5) game streaming to the masses with the PlayStation Portal, which remains sold out in most markets. However, Chiaki4Deck has allowed the Steam Deck to stream PS5 games remotely for months with minimal configuration requirements. For reference, Chiaki4Deck is a fork of Chiaki, the latter of which has been available for years on Windows.
Now, it appears that the developers behind Chiaki4Deck are adding HDR support, which can be put to use on the new Steam Deck OLED. As Steam Deck HQ notes, a recent Chiaki4Deck pull request adds a second render, 'libplacebo', that also introduces post-processing for reduced compression artefacts and zero-copy rendering if GPU memory is already storing a decoded frame.
Please note that the libplacebo render has not been pushed to all Chiaki4Deck installations. With that said, it is already possible to test the feature if you are comfortable with using Konsole to install the flatpak in desktop mode. Please see the accompanying GitHub comment for more details on testing the libplacebo render on a Steam Deck OLED.