HDMI and DisplayPort both carry digital video and audio on one cable, but they target different setups. HDMI is the everyday standard on TVs, soundbars, and game consoles, with strong home-theater features such as eARC. DisplayPort, developed by VESA, is built for PCs and monitors: it typically offers higher bandwidth and refresh rates, native adaptive sync for PC gaming, and Multi-Stream Transport (MST) so one port can drive several displays.
In practice, use HDMI for consoles and living-room gear; prefer DisplayPort for high-refresh gaming PCs and multi-monitor desks. Newer HDMI 2.1 still handles 4K at 120Hz well for entertainment, while DisplayPort often leads on raw PC bandwidth and daisy-chaining.
Source: HDMI vs DisplayPort: Which Should You Use and Why? — Premio Inc.