HDMI 2.1 is the latest standard in Audio Visual connectivity. This new standard enables more data to be transported from the HDMI port on your console to HDMI ready TV.
HDR stands for High Dynamic range. The contrast of an image is greatly increased. An image will show more detail between the light and dark areas of a scene.
Next generation consoles are capable of outputting game graphics at 120 frames per second. The TV you purchase needs to be capable of this if you want to benefit from this.
VRR is a technology next generation TV's will use to vary it's refresh rate. The TV will match the consoles output to reduce screen judder and tearing.
ALLM is a new feature HDMI 2.1 ready TV's use to switch to it's fastest settings for gaming. This mode give the fastest response times, lowering input lag.