Nintendo Switch OLED is capable of HDR, but doesn't support it
Best answer: No. The Switch OLED model has the hardware to make it capable of supporting HDR. However, the software doesn't allow it to do so.
Why can't the Switch OLED model support HDR?
Here's the thing. The Switch OLED features a Tegra X1 SoC, which can support HDR, and even the new dock features an upgraded HDMI 2.0 port instead of the 1.4 port used in previous versions, which is also capable of HDR. However, Nintendo's software hasn't enabled the ability yet. Not to mention, even if the OLED model could support HDR, Switch games haven't been created to support HDR, so there really isn't a point to it.
It's hard to say if Nintendo will ever make HDR a possibility on the Switch line. Considering we're so far into this console's lifecycle, it's possible that HDR and 4K are both features that we won't see until the next-gen Nintendo console releases.
What exactly is HDR?
High Dynamic Range or HDR makes it so your TV can show off more color gradients between light and dark hues. This makes your viewing experience a lot richer to look at and makes images appear more realistic on-screen.
How does the Switch OLED's resolution compare to the original?
The Switch OLED display does produce a huge difference compared to the LCD screen of the original Switch. However, visuals and resolution are the same in docked mode. That means it offers up to 720p in handheld mode and up to 1080p in docked mode. Still, due to the fancy OLED screen, colors come through more vibrantly, especially darker ones. Additionally, the images appear sharper and more defined.
Nintendo Switch OLED
Gorgeous OLED display
This upgraded screen makes your games look even better in handheld mode. This Switch version also includes several upgrades, including a better kickstand, 64GB of internal memory, and more.