What does Optimize video streaming while on battery do?

In macOS Ventura on my M2 Mac, I found an option in the “Options…” panel of battery settings called “Optimize video streaming while on battery.” What are the trade-offs of turning this on? Lower quality video when on battery? While watching Netflix, I didn’t notice a difference, especially since I wasn’t watching Netflix in full screen. After digging into the help, I found this comment:

What is the impact on the batttery when this is turned on?

While on battery power, play high-dynamic-range (HDR) video in standard dynamic range (SDR), which requires less energy.

More details are provided in an HDR article. The forum posts on macOS Rumors and Reddit don’t really provide any additional information. Has anyone published any benchmarks on this? If so, please tweet them to me.