They are becoming more essential by the day. HDR and VRR is supported by just about every graphics card for the last 5 years, and displays which support both can be found for $200 or less. Valve had a reason to add HDR support to Gamescope/Steam Deck; it is a highly requested feature.
I will agree with you on one point: Xorg is not bad code. Xorg is an awesome project, and has developed and changed to the needs of users exceedingly well for decades. But X11 itself is tech debt. The first ten years of Wayland were spent paying that debt off (while simultaneously continuing Xorg development).
If the features aren’t what you need, then Wayland wasn’t built to support you today. But you might find yourself in 6 years looking at a gorgeous HDR display which works out-of-the-box on your favorite Linux distro thanks to Wayland.