My Mi Box presents some issues with my TV, but works fine with my neighbor's. My TV is 1080p with no HDMI 2.0 support. My neighbor's is a new 4k set. Netflix titles will frame skip a lot on my TV, every now and then video goes through a "hiccup", skipping 6 to 8 frames. On his TV, this does not happen.
A user at another Mi Box forum suggested the following:
"Hdmi 2.0 AND HDCP 2.2 are required for Netflix to generate >480p streams on authenticated devices. It queries the hardware for correct response."
Does this make sense?
I don't think your problem is with HDMI or HDCP. As the user you quoted says, the app queries the hardware for those, and simply refuses to play the higher resolution if the standards are not met. The problem is most likely with your internet connection.