I don’t think the version 1 allows pass through of HDR - (I unplugged mine and put it in my retro spare room where I have a second PS4 pro!) - pain in the arse if you want to get your Pro outputting full spec everything and use PSVR as you can’t have both without fannying about with cables.
The V2 One is loads better really - allows HDR, lighter cables and I think they moved the headphone socket in the actual headset too