The short answer is yes, it will add an improvement to the colors of the game and the contrast will be improved. There is a catch, first you must, of course, own a TV that supports HDR, this means you need a TV that has the UDH Premium brand on it to ensure it adheres to the HDR standard. In terms of improving graphics, it will improve visuals, but not graphics. Jagged edges, screen tearing, ugly textures etc. will not get fixed by this update. The HDR update will just alter how the PS4 and TV display the frames that get generated by the GPU.