I imagine it will run parallel to it. Deep Color works on TVs that support it (I have 2 1080p screens that can) and HDR is a different color space altogether. Deep Color is just there for support even though many TVs prior to The New Hotness don't support it and/or don't have 10-bit panels.
yeah it runs parallel if you go into the settings now there is an HDR option then deep color is set to automatic as well.