a 1070 can't do VP9 profile 2 which is used by youtube to do HDR so the CPU has to decode the UHD file which it may can't do in this case.
YCbCr is always limited range which is an advantage so a colorspace mismatch like with RGB isn't possible.
the lastest nvdiia driver had a bug fix for elevated black levels.
10 bit 60 HZ UHD isn't possible with HDMI 2.0 and there is absolutely no problem with 8 bit as long as you are using madVR.
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