Maybe just the cable wasn't the full solution. This seems to happen or YCbCr not all the time, but sometimes, after playing "The Grand Tour presents...", an HDR10 show on Amazon for a few minutes and then switch out of the app by pressing the home button. This causes the screen to turn black for a second and then back to ATV home screen. Then open Channels. And then some channels will drop frames, sometimes.
I then tried switching from YCbCr to RGB High, and Channels stopped dropping frames.
And then go back to play Grand Tour again. And switch back to Channels.... still not dropping frames.
Play some Dolby Vision Netflix, then HDR10 Amazon, then Channels. I have now done this full cycle of range + frame rate switching at least 4 times now on RGB High with the alternate cable.
And still no dropped frames. So I still think this might be specific to the TV along with the cable used.
So now I have found a setting that allows 4k full HDR + frame rate switching + no dropped frames in Channels. Will keep it on RGB high with the alternate cable. Hopefully this issue doesn't creep back again.
Btw, this is the short cable that was replaced: