In an extensive FAQ on PS VR Sony revealed that you can't watch HDR content on your TV when the PS VR is plugged in and active.
The issue is with the Processing Unit the PS VR uses. "The PS VR Processor Unit (PU) supports video pass through so that you can enjoy regular non-VR content on your TV when you have the PS4 connected to the TV via the PU and the PU is connected to power via the AC adapter and the PS VR headset is not in use. This pass through support works for regular 1080p signals and also supports 2160p (UHD or '4K') content in YUV 420 color format at up to 60 Hz from a PlayStation Pro."
"However, HDR signals are not supported for pass through by the PU. This applies to both 1080p and 2160p HDR. If you have a HDR capable TV and want to view PS4 content in HDR, it is necessary to cable the PS4 directly to the TV."
Some more detail is also given on the Processing Unit itself. "The Processor Unit is a small box that comes with your PS VR, and connects your PS VR to your PS4 and TV and provides HDMI cable management, enabling Social Screen TV output, 3D audio processing, and Cinematic mode."
Lots of other information is given in the FAQ, but are you worried about the lack of HDR support when the PU is active?